Business

  View in browser     Pro Rata By Dan Primack · Apr 30, 2019 ⛽ Situational awareness: Warren Buffett's Berkshire Hathaway has agreed to invest $10 billion into Occidental Petroleum, to help finance its takeover bid for Anadarko. There already was talk that Chevron wasn't planning to come back over the top, and this news would seem to make it even less likely.     Top of the Morning Source: Giphy "Who leaked it?" That's probably the question that business reporters get asked most often, or maybe second-most to "Wouldn't you rather move into PR and make more money?" There's obviously no universal answer but, when it comes to IPOs and M&A, the smartest eyes turn to Wall Street. And yesterday we got a pretty blunt example: WeWork disclosed that it filed confidential IPO papers last December, and a...

The We Company, better known as WeWork, has filed confidentially for an IPO.   The coworking giant initially filed four months ago, but today revealed its plans publicly. It will be the latest of several major startups with sky-high valuations to file for an IPO this year and, like many others, it has yet to prove profitability. The company was valued at $47 billion in its latest round of private funding. While the company doubled its revenue last year to $1.8 billion, it also doubled its losses to $1.9 billion. As the New York Times writes, companies like WeWork and Uber "have argued that growing quickly is more important, and will eventually prove more lucrative, than breaking even right now." WeWork rents coworking office space around the world and is currently one of the biggest corporate landlords in cities like New York and London — in addition to offering other business lines ...