1. Articles from troywolv

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    1. WeWork is Debating Whether to Take Power Away From Adam and Rebekah Neumann, its Husband and Wife Cofounders, to get its IPO Back on Track

      WeWork is Debating Whether to Take Power Away From Adam and Rebekah Neumann, its Husband and Wife Cofounders, to get its IPO Back on Track
      • WeWork is mulling whether to reduce CEO Adam Neumann's power to make its planned public offering more attractive to potential investors, The Financial Times reported.
      • The company and its advisors are considering whether to reduce Neumann's voting power from the 20 votes per share that he has now.
      • It's also debating whether to remove his wife, Rebekah Neumann, from her role in naming a successor to her husband if he dies or becomes debilitated...
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    2. WeWork Reportedly Hired the Parents of a High-Ranking Exec as Real Estate Brokers, Among Other Potential Conflicts of Interest

      WeWork Reportedly Hired the Parents of a High-Ranking Exec as Real Estate Brokers, Among Other Potential Conflicts of Interest
      • WeWork, in its public offering documents, disclosed a slew of related-party transactions involving CEO Adam Neumann, his wife, and various family members.
      • But the company didn't disclose a collection of deals involving the family members of other company officials, according to a report in the Wall Street Journal...
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    3. Peloton Insiders will have 20 Votes Per Share — Twice as Many as Those at Other Startups — But CEO John Foley may not Wield all the Power after the IPO

      Peloton Insiders will have 20 Votes Per Share — Twice as Many as Those at Other Startups — But CEO John Foley may not Wield all the Power after the IPO
      • Like many startups that have gone public recently, Peloton will have a stock structure that gives extra votes to certain insiders.
      • Many companies with such arrangements give insiders 10 votes per share, but Peloton CEO John Foley and some early investors in the fitness firm will get 20 votes per share.
      • At least as things stand now, Foley wouldn't have majority control by himself, because he's not the biggest holder of super-voting shares...
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      Mentions: IPO Peloton
    4. Facebook’s Privacy Settlement is Such a Joke, Mark Zuckerberg Likely Celebrated its Signing

      Facebook’s Privacy Settlement is Such a Joke, Mark Zuckerberg Likely Celebrated its Signing

      The agreement Facebook struck with the Federal Trade Commission this week to end the agency’s investigation into its alleged privacy violations was a good deal for the company. Facebook can easily afford the $5 billion penalty, and the FTC could have legitimately assessed it a much higher fine. The supposed restrictions in the agreement on its business are fairly meaningless – they generally don’t limit its ability to collect personal data from consumers...

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      Mentions: Mark Zuckerberg
    5. Jeff Bezos' Divorce Won't Affect his Voting Power at Amazon, Because Mackenzie is Giving him Control

      Jeff Bezos' Divorce Won't Affect his Voting Power at Amazon, Because Mackenzie is Giving him Control
      • Jeff Bezos will retain voting control over the Amazon shares he and Mackenzie Bezos hold following their divorce.
      • Mackenzie will get 25% of their combined shares as part of the settlement.
      • The agreement clears up some outstanding investor worries.
      • But one big question remains: What does Mackenzie plan to do with her shares.

      Jeff Bezos isn't going to have to worry about having his ex-spouse challenge how he runs Amazon...

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      Mentions: Amazon Twitter stake
    6. Google Co-Founder Larry Page Threatened to Leave if the Company Didn't Find a Way to Keep Him in Control, Newly Unsealed Court Docs Reveal

      Google Co-Founder Larry Page Threatened to Leave if the Company Didn't Find a Way to Keep Him in Control, Newly Unsealed Court Docs Reveal
      • Larry Page, Google's cofounder, threatened to leave the company in 2011, Bloomberg reported Wednesday.
      • Together with fellow cofounder Sergey Brin and top executive Eric Schmidt, Page held shares with super-voting powers that gave the threesome control over Google.
      • Page was worried he'd lose that control if Brin or Schmidt sold their shares, according to recently unsealed court records viewed by Bloomberg...
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    7. Breaking News: SEC Says Elon Musk Violated his Settlement with the Agency and Asks a Judge to Hold Him in Contempt of Court

      Breaking News:  SEC Says Elon Musk Violated his Settlement with the Agency and Asks a Judge to Hold Him in Contempt of Court
      • Tesla CEO Elon Musk violated the terms of his agreement with the Securities and Exchange Commission, the agency said in a court filing Monday.
      • In a tweet last week, Musk said Tesla would produce 500,000 vehicles this year then later corrected himself and said it would only make about 400,000.
      • Tesla acknowledged in a letter that Musk's first production tweet wasn't preapproved by the company...
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      Mentions: SEC Twitter Tesla
    8. Elon Musk's Tweets Show That Tesla's Revamped Board is Still Bad at its Job — and it Could Get The Company Into Even More Trouble

      Elon Musk's Tweets Show That Tesla's Revamped Board is Still Bad at its Job — and it Could Get The Company Into Even More Trouble

      Tesla's board is still failing to monitor Elon Musk's tweets. Musk tweeted a false production target for Tesla this week, then took hours to correct himself. Even after he did, he left the misleading tweet online. The incident could get the company and Musk in trouble again with the SEC, which specifically ordered Tesla to oversee his investor communications on Twitter and elsewhere...

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      Mentions: SEC Twitter Tesla
    9. The Era of the All-Powerful Tech CEO Has Only Just Begun, Even Though Facebook and Snap Show Why That's a Bad Thing

      The Era of the All-Powerful Tech CEO Has Only Just Begun, Even Though Facebook and Snap Show Why That's a Bad Thing
      • At a growing number of companies, particularly in the tech sector, CEOs and other insiders have outsized control over their corporate decisions.
      • The executives have that control through special shares that give them extra votes. Such arrangements used to be rare, but are becoming much more common.
      • Lyft and several other tech companies that are likely to hold their initial public offerings this year will likely debut with such dual-class stock structures...
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      Mentions: Investors IPO Google
    10. The CTO of One of the Biggest Consulting Firms Says CEOs and directors are beating a Path to his Door to Get Up-To-Speed on the Latest Tech Trends

      The CTO of One of the Biggest Consulting Firms Says CEOs and directors are beating a Path to his Door to Get Up-To-Speed on the Latest Tech Trends

      The CTO of one of the biggest consulting firms says CEOs and directors are beating a path to his door to get up-to-speed on the latest tech trends Troy Wolverton 0m Bill Briggs and his technology team at Deloitte are meeting much more frequently these days with CEOs and corporate directors. Deloitte Deloitte's technology consultants used to meet primarily with clients' chief technology and chief information officers...

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    11. MoviePass Executives are Making One More Last-Ditch Effort to Save the Stock From Being Delisted

      MoviePass Executives are Making One More Last-Ditch Effort to Save the Stock From Being Delisted
      • MoviePass parent Helios and Matheson on Friday said it would seek — again — to get shareholder authorization to reverse split its stock.
      • The company is in imminent danger of having its stock delisted from the Nasdaq; the market is hearing the company's appeal of its delisting decision later this month.
      • The proposal is basically the same one that the company withdrew in November in the face of widespread investor opposition...
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    12. Jeff Bezos' Divorce Could Soon Make MacKenzie Bezos one of Amazon's Biggest Shareholders

      Jeff Bezos' Divorce Could Soon Make MacKenzie Bezos one of Amazon's Biggest Shareholders
      • Amazon could soon have a large new individual shareholder in the form of MacKenzie Bezos as a result of her impending divorce from the company's CEO.
      • Jeff Bezos owns 16% of the e-commerce giant, and MacKenzie could be entitled to up to half of those shares, which would giver her, with Jeff, one of the two largest stakes in the company.
      • Although the Bezoses are worth $137 billion on paper, nearly all of their assets are in the form of Amazon stock...
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      Mentions: Amazon Vanguard stake
    13. MoviePass' Parent Company Just Bought Itself More Time to Live, But It's Still in Imminent Danger of Being Kicked off the Stock Exchanges

      MoviePass' Parent Company Just Bought Itself More Time to Live, But It's Still in Imminent Danger of Being Kicked off the Stock Exchanges
      • Helios and Matheson, the parent company of MoviePass, reached an agreement with its creditors Tuesday to reduce its outstanding debt.
      • The move also will eliminate all of its outstanding convertible notes and replace them with non-convertible notes.
      • By eliminating its convertible notes, the company freed itself up to sell potentially billions of new shares of stock.
      • But the move comes on the same day that the Nasdaq could delist Helios and Matheson's stock...
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      Mentions: Nasdaq MoviePass
    14. After Losing 99% of its Value, MoviePass' Parent Company is Getting Ready to Ask Shareholders to Support its CEO and approve his Pay

      After Losing 99% of its Value, MoviePass' Parent Company is Getting Ready to Ask Shareholders to Support its CEO and approve his Pay
      • Helios and Matheson, the parent company of MoviePass, has scheduled another shareholder meeting.
      • Unlike a meeting it cancelled last month, this is its standard, annual gathering of shareholders, where investors will get to vote on its director nominees and what it pays executives.
      • Even those proposals could prove controversial, considering how much the company's stock has declined this year — as much as 99% from the start of the year...
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    15. Facebook's Board Needs to Get a Spine and Fire Mark Zuckerberg, Marketing Guru Scott Galloway Said

      Facebook's Board Needs to Get a Spine and Fire Mark Zuckerberg, Marketing Guru Scott Galloway Said
      • Facebook ought to fire both CEO Mark Zuckerberg and Chief Operating Officer Sheryl Sandberg for the string of failures on their watch, marketing professor Scott Galloway said at Business Insider's IGNITION conference Monday.
      • Zuckerberg holds majority control over Facebook, but the board ought to get the nerve up to fire him anyway, Galloway said.
      • Sandberg may be a feminist icon, but she still ought to be held accountable for Facebook's scandals and fiascos, he said...
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    16. Microsoft's Surprising Comeback Over Apple is the Outcome of Two New CEOs With Radically Different Gameplans

      Microsoft's Surprising Comeback Over Apple is the Outcome of Two New CEOs With Radically Different Gameplans
      • Microsoft briefly overtook Apple this week as the world's most valuable company.
      • The development speaks volumes about investors' faith in the respective companies' futures and the leaders driving each company there.
      • While Tim Cook has demonstrated that he's a great manager for Apple, he's repeatedly shown he's "not a product person," and he's left shareholders wondering about the company's next act....
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    17. Facebook's Mark Zuckerberg Isn't Accountable to Anyone, so it's Time Congress Took Away the Source of his Power

      Facebook's Mark Zuckerberg Isn't Accountable to Anyone, so it's Time Congress Took Away the Source of his Power
      • Facebook's string of scandals over the last several years have highlighted the poor job Mark Zuckerberg has done running the company — and his lack of accountability.
      • The social networking giant's stock structure gives Zuckerberg near-absolute control over it, because the shares he holds get far more votes than those held by ordinary investors...
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      Mentions: Investors SEC Google
    18. It's Become Increasingly Clear That Alphabet, Google's Parent Company, Needs New Leadership (GOOGL, Goog)

      It's Become Increasingly Clear That Alphabet, Google's Parent Company, Needs New Leadership (GOOGL, Goog)
      • It's become increasingly clear that Alphabet needs new leadership.
      • The recent scandals and controversies and scandals at the company, most notably over its handling of sexual harassment allegations, have highlighted the shortcomings of its top leaders.
      • CEO Larry Page, for example, hasn't made a public appearance in years.
      • Behind the scenes, though, he and other top leaders have been enabling bad behavior among high-level employees, by all reports...
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    19. Investors Seem to be Balking at MoviePass' Parents' Plans to Reverse Split its Stock Again — And for Good Reason

      Investors Seem to be Balking at MoviePass' Parents' Plans to Reverse Split its Stock Again — And for Good Reason
      • Helios and Matheson, the parent company of MoviePass, is seeking to boost its share price through another reverse-split of its stock.
      • Two of the major research firms that offer investors advice on shareholder votes back the reverse-split proposal.
      • Even so, investors appear dubious of it.
      • They have good reason to oppose it — it would free the company up to issue billions of new shares of stock after it's already massively diluted shareholders...
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      Mentions: Investors Twitter ISS
    20. Tesla's Board is So Bad at its Job, it Failed at the One Thing it Says is Paramount — Protecting CEO Elon Musk

      Tesla's Board is So Bad at its Job, it Failed at the One Thing it Says is Paramount — Protecting CEO Elon Musk
      • Tesla's board has repeatedly made clear that it sees its duty as ensuring that Elon Musk remain in a leadership role at the company — not representing shareholders' interests.
      • But Musk's role at Tesla is now in jeopardy, thanks to charges filed against him by the Securities and Exchange Commission in connection with his series of tweets about potentially taking Tesla private.
      • The SEC is seeking to bar him from serving as a director or officer at a public company...
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    21. $3.2 Billion Self-Driving Car Company Zoox Has Ousted its CEO

      $3.2 Billion Self-Driving Car Company Zoox Has Ousted its CEO
      • Tim Kentley-Klay has been ousted as CEO of high-profile self-driving car startup Zoox.
      • Kentley-Klay was voted out by Zoox's board, Bloomberg reported.
      • He had no prior experience in cars or artificial intelligence before founding Zoox in 2014 with Jesse Levinson.

      The CEO of Zoox has left in a management shake-up at the the high-profile, well-funded, and idiosyncratic self-driving car startup...

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    22. Snap’s Shareholder Meeting Was Less Than Three Minutes Long Because Evan Spiegel Controls so Much of the Company Anyway

      Snap’s Shareholder Meeting Was Less Than Three Minutes Long Because Evan Spiegel Controls so Much of the Company Anyway
      • Snap held its annual shareholder meeting on Thursday.
      • It was a brief affair, lasting less than three minutes.
      • The duration and format of the meeting demonstrated CEO Evan Spiegel's control over the company.

      Evan Spiegel just demonstrated another one of the great perks of being king — short meetings that you don't even have to attend in person...

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    23. MoviePass' Parent Company Has Flooded its Investors With a 3,000% Increase in New Shares

      MoviePass' Parent Company Has Flooded its Investors With a 3,000% Increase in New Shares
      • The share price of Helios & Matheson, the parent company of MoviePass, has plunged in recent months amid ongoing losses at the subscription movie service.
      • But something else is weighing down the stock price — the more than 3,000% increase just since August in the number of the company's shares.
      • That dilution is set to only get worse, as the company is seeking authorization to issue even more shares...
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      Mentions: Investors stake AMP
    24. At Facebook's Annual Meeting, Mark Zuckerberg Stuck to his Talking Points — and Ignored Some of Shareholders' Biggest Concerns

      At Facebook's Annual Meeting, Mark Zuckerberg Stuck to his Talking Points — and Ignored Some of Shareholders' Biggest Concerns
      • At Facebook's annual meeting, company officials faced criticism from investors and a slew of shareholder proposals urging reforms.
      • Addressing concerns about the abuse of Facebook's service, CEO Mark Zuckerberg and his team repeated talking points they've previously made to the press or in Congress.
      • Zuckerberg and company ignored pointed concerns about the company's governance, a longstanding thorn in the side of many investors...
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