Business

WeWork expresses ‘substantial doubt’ about staying in business on August 9, 2023 at 2:02 am Business News | The Hill

Published

2 years ago

August 9, 2023

WeWork said Tuesday it has “substantial doubt” about its ability to stay in business, according to the company’s second quarter earnings release.

“As a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern,” said WeWork’s Interim Chief Executive Officer David Tolley.

WeWork went public in 2021, after it had tried to do so two years earlier in 2019 but was forced to delay its initial public offering (IPO) amid questions over the company’s value and corporate governance. The fallout led to reports of excessive spending from former CEO and founder Adam Nuemann, who later stepped down.

The New York-based office-sharing company said its ability to stay in business is dependent on the outcome of the management’s plan to improve liquidity and profitability over the next 12 months. The company said it plans to reduce rent and tenancy costs by negotiating more favorable lease terms, limit capital expenditures and seek additional capital by issuing debt, stock or selling assets.

WeWork leases buildings and divides them into spaces to sublet to its members, including freelancers, small businesses, and startups who do not want to pay for a permanent space. The company experienced an increase in operating expenses over time and depended on cash infusions from investors.

The company reported a net loss of $397 million in the second quarter, an improvement from the net loss of $635 million in 2022.

Tolley did note the company’s revenue growth, writing, “In a difficult operating environment, we have delivered solid year-over-year revenue growth and dramatic profitability improvements.”

“Excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships,” Tolley continued.

Tolley said the company is confident in its ability to “meet the evolving workplace needs of businesses of all sizes across sectors and geographies.”

The Associated Press contributed to this report.

Business WeWork said Tuesday it has “substantial doubt” about its ability to stay in business, according to the company’s second quarter earnings release. “As a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern,”…

Business

When TikTok and CapCut Vanished from America

Published

3 weeks ago

January 19, 2025

Bolanle Media Staff

In a shocking turn of events, TikTok and CapCut, two of America’s most popular social media and video editing apps, vanished from U.S. app stores and became inaccessible to users on Saturday evening, January 18, 2025. This unprecedented digital blackout affected approximately 170 million American users, leaving them stunned and searching for alternatives.

The Sudden Shutdown

As the clock struck 10:50 PM Eastern Time on Saturday, both TikTok and CapCut disappeared from Apple and Google app stores. Users attempting to access the apps were greeted with a stark message: “Sorry, TikTok isn’t available now. A law banning TikTok has been enacted in the U.S. Unfortunately, that means you can’t use TikTok for now”.

The ban wasn’t limited to just TikTok and CapCut. Other ByteDance-owned apps, including Lemon8, Hypic, and Gauth, also became unavailable to U.S. users. This sweeping action effectively cut off access to a suite of popular digital tools that millions had come to rely on for entertainment, content creation, and even business purposes.

The Legal Battle

The shutdown came after a tumultuous legal battle that culminated in a Supreme Court decision upholding a federal law requiring ByteDance, the Chinese parent company of TikTok and CapCut, to either sell its U.S. operations or face a ban. The legislation, passed in April 2024, cited national security concerns related to data privacy and potential foreign influence.

Impact on Users and Creators

The sudden disappearance of TikTok and CapCut has left content creators and everyday users in a state of digital limbo. Many relied on these platforms not just for entertainment, but as essential tools for their livelihoods and creative expression. The ban has disrupted a thriving ecosystem of digital content creation, leaving millions to scramble for alternative platforms and editing tools.

Political Implications and Future Uncertainties

As the dust settles, all eyes are on the incoming administration. President-elect Donald Trump, set to take office on January 20, has hinted at a potential 90-day extension for ByteDance to sell TikTok. This development has injected a new layer of uncertainty into an already complex situation.

What’s Next?

While the apps remain inaccessible, ByteDance and TikTok officials continue to work towards a resolution. TikTok’s message to users ends on a hopeful note, stating, “We are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned”.

As America grapples with this digital void, questions about data privacy, national security, and the future of social media regulation loom large. The TikTok and CapCut ban marks a significant moment in the ongoing debate over the influence of foreign-owned technology companies in the United States, with far-reaching implications for users, creators, and the tech industry as a whole.

Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life.

Business

TikTok Ban Drives 216% Rise in U.S. Users Learning Chinese on Duolingo

Published

3 weeks ago

January 16, 2025

Bolanle Media Staff

Duolingo has reported a remarkable 216% increase in U.S. users learning Mandarin Chinese, coinciding with the impending ban on TikTok, set to take effect on January 19, 2025. This surge is attributed to many TikTok users migrating to a new Chinese social media platform called RedNote (also known as Xiaohongshu), which defaults to Mandarin as its primary language. As TikTok users seek alternatives amidst concerns over data privacy and app availability, they are turning to RedNote, prompting a cultural exchange that has driven interest in learning Chinese.

The spike in Mandarin learners began around mid-January, aligning with the growing popularity of RedNote among former TikTok users. Duolingo’s marketing team has actively engaged with this trend on social media, humorously acknowledging the phenomenon with posts like “Learning Mandarin out of spite? You’re not alone”.

Additionally, Duolingo has seen a 36% increase in downloads in the U.S., reflecting heightened consumer demand for language learning resources as users adapt to the new social media landscape.

The transition from TikTok to RedNote has not been without challenges, as some users have encountered technical issues during registration and account suspensions.

Nevertheless, this shift underscores a significant demand for social networking experiences that resonate with American users while navigating the complexities of Chinese platforms.

Business

TikTok’s Final Countdown: The Sunday Shutdown

Published

3 weeks ago

January 16, 2025

Bolanle Media Staff

As the clock ticks down to January 19, 2025, TikTok users in the United States are bracing for a significant disruption. The app, which boasts approximately 170 million users in the country, faces a potential ban that could render it non-functional by this Sunday. Here’s what you need to know about the impending ban and its implications.

Key Details of the Ban

The anticipated ban comes amid ongoing national security concerns regarding TikTok’s Chinese ownership. Government officials have raised alarms about the possibility of sensitive user data being accessed by Chinese authorities. As a result, the app is expected to be removed from digital app stores, effectively cutting off new downloads and updates.

What Will Happen?

Removal from App Stores: On January 19, TikTok will likely be taken down from platforms like the Apple App Store and Google Play Store.
Existing Users Affected: Current users may find that their app becomes non-functional, losing access to new content creation and updates.
Data Preservation Challenges: Users may face difficulties in preserving their data and content as the deadline approaches.

Recommendations for Users

In light of the impending ban, TikTok users should take proactive steps to safeguard their content and data:

Download Personal Data: Users can access their TikTok settings to download their data before it’s too late.
Export Saved Videos: Save any cherished videos or content that you wish to keep.
Backup Content: Consider backing up your videos on alternative platforms.
Explore Alternatives: As TikTok faces its potential shutdown, consider migrating to other platforms such as:

Instagram Reels
YouTube Shorts
Lemon8
Triller

Potential Scenarios

While the ban is set for this Sunday, there are several scenarios that could unfold in the coming days:

Last-Minute Legal Intervention: There remains a possibility of a legal challenge that could delay or halt the ban.
Temporary Injunction: Courts may issue a temporary injunction allowing TikTok to operate while legal proceedings continue.
Complete Shutdown: If no intervention occurs, users will face a complete shutdown of the platform in the U.S. market.

Emotional Impact on Users

The potential ban is not just a technical disruption; it carries significant emotional weight for many users. Content creators who have built their brands on TikTok may experience economic repercussions as they lose a primary platform for engagement. Additionally, the shift could lead to broader changes in the social media landscape as users seek new avenues for expression and connection.

Conclusion

As we approach this critical deadline, TikTok users should remain vigilant and prepared for possible changes. Whether through legal maneuvers or a complete shutdown, the future of TikTok in the United States hangs in the balance. Stay tuned for real-time updates as we navigate this evolving situation together.