WeWork “the millennial workplace as a capitalist kibbutz” gets the Vanity Fair treatment, thanks to Gabriel Sherman, who has written an explosive and entertaining story about the life, time and crimes of WeWork founder Adam Neumann, who is a billionaire, thanks to the largesse of Softbank and its backers. There are a lot of juicy … Continue reading We(don’t)Work
Securities and Exchange Commission (SEC) filed a lawsuit against Theranos, CEO Elizabeth Holmes and company President Ramesh Balwani accusing them of massive fraud. Holmes has settled the lawsuit and has been stripped of her position as the CEO. As part of the settlement, she will pay $500,000 in penalties and won’t be allowed to serve as an officer or director of a private company. It is quite a comedown for an entrepreneur who often graced the covers of business magazines and was a constant presence at the posh conferences. She also convinced investors to invest $700 million in the company at vertigo-inducing valuations. And even though SEC’s actions are a mere slap on the wrist with no admission of guilt on part of Holmes, the nuanced message of SEC actions is clear enough for rest of the unicorn club.
“What do Theranos, 23andMe, and Zenefits have in common?,” asks Christina Farr, and points out that “these well-hyped companies failed to meet regulatory requirements.” [FastCompany]