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WeWork’s former CEO has a new startup, reportedly valued at more than $1 billion

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WeWork’s former CEO has a new startup, reportedly valued at more than  billion
Andreessen Horowitz, the outstanding enterprise capital agency recognized for its early investments in Twitter and Airbnb, has pumped about $350 million into Neumann’s latest enterprise, referred to as Movement, in accordance with The New York Instances, citing unnamed sources briefed on the deal. The funding valued the startup at greater than $1 billion, in accordance with the report.

Representatives for Movement and Andreessen Horowitz didn’t instantly reply to requests for remark.

In a weblog submit Monday, Marc Andreessen, cofounder and normal companion on the VC agency, introduced the funding, with out disclosing monetary particulars. He additionally defined his considering for backing Movement, a residential actual property firm, and Neumann regardless of the founder’s high-profile fall from grace at WeWork.

“Adam is a visionary chief who revolutionized the second largest asset class on the planet — industrial actual property — by bringing neighborhood and model to an trade by which neither existed earlier than,” Andreessen wrote in his submit Monday. “Adam, and the story of WeWork, have been exhaustively chronicled, analyzed, and fictionalized — typically precisely. For all of the vitality put into masking the story, it is typically below appreciated that just one individual has essentially redesigned the workplace expertise and led a paradigm-changing international firm within the course of: Adam Neumann.”

It is not instantly clear how Movement seeks to revolutionize the residential housing trade. Movement at the moment has a naked bones web site, with the slogan “Reside life in circulation” and two phrases stating it would launch in 2023.

Andreessen positioned the brand new firm as a long-awaited answer to the nation’s “housing disaster.” He used a mixture of jargon-filled phrases — “community-driven, experience-centric service” — to clarify how the brand new startup would “create a system the place renters obtain the advantages of householders.”

“We predict it’s pure that for his first enterprise since WeWork, Adam returns to the theme of connecting folks via reworking their bodily areas and constructing communities the place folks spend essentially the most time: their houses,” Andreessen wrote. “Residential actual property — the world’s largest asset class — is prepared for precisely this modification.”

Underneath Neumann’s management, WeWork expanded from shared coworking areas with elaborate perks to experiment with gyms, a college and housing. The final of these efforts, referred to as WeLive, let prospects hire a mattress or non-public room in a coliving location, with widespread areas obtainable for yoga, ping-pong and extra.
As soon as valued at $47 billion on the non-public market at its peak, WeWork went via a disastrous try to go public, foiled largely by IPO paperwork that exposed Neumann’s unchecked energy and quite a few potential conflicts of curiosity, in addition to WeWork’s staggering losses. Neumann finally was ousted from his chief government position at WeWork, however walked away with an exit bundle reportedly value lots of of thousands and thousands of {dollars}.
WeWork’s dramatic rise and spectacular failed first try at going public impressed a TV present, which partly portrayed Neumann because the poster little one of startup tradition’s extra.
WeWork finally went public through a particular objective acquisition firm, or SPAC, in 2021. WeWork at the moment has a market worth of about $4 billion.
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Severe weather could disrupt holiday travel, with tornadoes forecast in the South

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Severe weather could disrupt holiday travel, with tornadoes forecast in the South

Vehicles make their way on a rain soaked highway in Dallas on Thursday.

LM Otero/AP


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LM Otero/AP

Severe weather conditions across the U.S. could disrupt holiday travel this weekend, as millions of people set out to reach their destinations or return home. The National Weather Service is forecasting tornadoes and thunderstorms, heavy rain, and wind in many regions.

An outbreak of severe thunderstorms with tornadoes is possible Saturday in parts of East Texas, the Lower Mississippi Valley, the Tennessee Valley, and central Gulf Coast states. Baton Rouge and Shreveport, La.; Mobile and Tuscaloosa, Ala.; and Jackson, Miss., are among cities under serious threat. Flash flooding, tropical storm strength wind gusts, and up to two-inch sized hail are possible in some places.

National Weather Service meteorologist Frank Pereira says long-range tornadoes could strike some communities from the Texas-Louisiana border, northern and central Louisiana, and into parts of Mississippi.

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“They could stay on the ground for quite a while and they could be very strong tornadoes, EF3, which is really significant,” he said. “Once they touch down, they remain on the ground, and can do damage over quite a length, quite a distance.”

The potential for dangerous storms and twisters comes as many are traveling for the holidays. Auto club AAA projects a record 119 million people are traveling through New Year’s Day. Nearly 107 million are traveling the nation’s highways. About 8 million are estimated to be flying, many through the nation’s busiest airline hubs.

More than 3,000 U.S. flights were delayed as of Saturday morning, according to FlightAware.com.

For parts of western Oregon and northern California, heavy rain and strong winds are in the forecast this weekend, with the worst conditions Saturday. Pereira says the atmospheric river is likely to return to the region and could cause flash flooding and other headaches.

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“By the time we get into Monday, Tuesday, things should start to taper off. We could see an uptick later in the week, Tuesday, Wednesday, but currently that round doesn’t look as heavy as what is currently ongoing,” he said.

Meanwhile, it’s not likely to be a white New Year. Outside of higher elevations in the West, forecasters are not calling for snow. Instead, well-above normal temperatures are expected in much of the country in the coming days.

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Year in a word: Greenlash

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Year in a word: Greenlash

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(portmanteau noun) the backlash against environmental policies. Not to be confused with greenwashing, green hushing or green wishing

It seems it was only yesterday that green policies were on the march. If it wasn’t the US passing the biggest climate law in the country’s history, it was the EU legislating for the world’s first major carbon border tax or the UK pledging to end sales of new petrol and diesel cars by 2030. 

Green progress was especially notable in Europe. By 2022, the EU’s renewable power generation had boomed so much that solar and wind overtook gas for the first time. EU emissions plunged 8 per cent in 2023, the steepest annual fall in decades outside of 2020.

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But as climate promises were becoming a reality, inflation was spurring cost of living anxieties. Net zero-sceptic populist parties seized on these to denounce green policies as a costly elitist plot against working people. 

As 2023 turned into 2024, the green march began to stumble. Companies backed away from green targets. Germany watered down a contentious heat pump law that had helped to push the far-right AFD party’s poll numbers above 20 per cent. Brussels scrapped a plan to halve pesticide use. Green parties were hammered in June’s European parliament elections.  

In the UK, the former Conservative government pushed back the ban on new petrol and diesel cars to 2035. 

Yet the Conservatives still suffered a crushing election loss to the Labour party, which pledged to restore the 2030 target and is still committed to an ambitious decarbonisation agenda. 

That’s a reminder that the greenlash has limits, as does China’s remorseless charge towards green energy supremacy. But with an incoming Trump administration expected to reverse climate policies, and populism showing no sign of easing in Europe, it is clear that fraught green politics are by no means at an end.

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pilita.clark@ft.com

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Musk Vs MAGA War: Trump Camp In Bitter Fight Over Immigration, Foreign Worker Visas

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Musk Vs MAGA War: Trump Camp In Bitter Fight Over Immigration, Foreign Worker Visas

Putin Aide Suggests Punishing Europe Over Its ‘Bloodthirsty Policies’ Against Russia | Ukraine War

Former Russian President Dmitry Medvedev has called for decisive action against Europe, accusing it of “anti-Russian” policies and advocating political, economic, and hybrid measures to punish European nations aligned with the U.S. His remarks came after a Norwegian ship allegedly refused to rescue Russian sailors following the sinking of a Russian freighter, exacerbating tensions. Medvedev also suggested fostering internal instability within Europe and labeled its policies as deceitful, brainless, and bloodthirsty.

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