Apr 20, 2024

Today, the news is that WeWork has received a bid of more than $500 million. The former CEO, Neumann, is known for his lavish spending, which may not be the best approach for running the company in today’s market. In other news, there have been several venture capital deals, including Magnus Metal raising $74 million, Avive Solutions raising $56.5 million, and Swtch Energy raising $27.2 million. Additionally, there have been private equity deals, with Apollo Global and Sony considering a joint offer for Paramount Global, and Ardian close to a deal to acquire more than $1 billion of PE fund stakes from British Columbia Investment Management. There have also been liquidity events, mergers and acquisitions, fundraising, and personnel updates in various financial firms.

In addition, TSMC has lowered its 2024 growth outlook for the overall chip market, causing its U.S. listed shares to drop nearly 5%. The company expects the semiconductor market, excluding memory chips, to grow about 10% this year, down from the “more than 10%” forecast three months ago. The lowered forecast is attributed to declining chip demand from the auto industry and a muted bounceback from smartphones and personal computers. However, AI-related data center demand remains strong, and the company still expects its overall revenue to grow by at least 20% this year.

Furthermore, there is a new Money Stuff podcast episode out, discussing the importance of Elon Musk to Tesla Inc., Tesla’s possible move to Texas, Jane Street’s lawsuit against Millennium, gardening leave, Hunterbrook’s activities, and doping in dressage. The podcast is available on Apple, Spotify, and other podcast platforms, and feedback is welcome at moneypod@bloomberg.net.

Stay Well!