Business

Note: Recode Daily will take a break for the Labor Day holiday. We'll return to our regularly scheduled tech roundup on Wednesday, September 4. Billionaires are out of favor in Democratic politics. But here's how one billionaire spent $400 million on Democratic politics anyway. Tom Steyer, the San Francisco billionaire and 2020 Democratic candidate, released 10 years of tax returns this week. Steyer is offering us that rare glimpse into the complex business, political, and philanthropic ties of the country's 1 percent. Steyer, who made his fortune at his hedge fund, has a net worth of $1.6 billion and is perhaps the wealthiest person ever to run for president. Where's the money going? In 2010, when their net worth was about $1.3 billion, Steyer and his wife were among the first billionaires to sign the Giving Pledge, a public declaration that they would give at least half of...

Presented by Goldman Sachs:   View in browser   Presented By Goldman Sachs   Pro Rata By Dan Primack · Aug 29, 2019     Top of the Morning Illustration: Sarah Grillo/Axios   WeWork isn't the world's first co-working space operator. But it is the one that spawned a glut of VC-backed copycats, many of which want to tell you why they're superior to their beer-tapped forefather. Why it matters: These follow-on founders are playing preemptive defense against WeWork's IPO, which many expect to be a dud. Knotel CEO Amol Sarva , after his company raised $400 million: "Some of the largest asset managers in real estate have doubts about the WeWork model... In 18 to 24 months they'll be behind us. It'll be like EBay and Amazon, Myspace and Facebook." Industrious CEO Jamie Hodari , after his company ra...