President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
The valuation targets for WeWork continue to drop and the company's IPO valuation could fall below $15 billion, perhaps around $10 billion to $12 billion, sources told CNBC's David Faber. Its private valuation was as high as $47 billion.
The move comes as WeWork's parent company announced Friday that it plans to make a number of changes to its corporate governance structure in advance of its much-anticipated IPO and amid growing investor concerns.
In an amended S-1 filing, The We Co. said it's changing its high-vote stock from 20 votes per share to 10 votes per share, curtailing WeWork CEO Adam Neumann's voting power. Prior to the move, Neumann controlled the majority of voting rights through the company's Class B and Class C shares, with both classes carrying 20 votes per share compared with Class A shares, which have one vote per share. The filing also states that WeWork will list its shares on the Nasdaq under the ticker "WE."
The company also eliminated a key provision that would have allowed Neumann's wife, Rebekah, to lead the search for his successor should he ever become permanently disabled or deceased. Instead, WeWork's board would pick a successor. The filing states that "no members of Adam's family will sit on our board."
Neumann has decided to return any profits he receives from the real estate transactions he has entered into with the company, the filing states. He had faced criticism for leasing several properties in which he has an ownership stake back to WeWork and making millions in the process. Neumann will also limit himself to selling no more than 10% of his shareholdings in each of the second and third years after the WeWork IPO.
WeWork has attracted scrutiny over its corporate governance, namely Neumann's controlling ownership in the company. In the lead-up to its IPO, the company has tried to assuage investor concerns by improving its governance. Earlier this month, The We Co. announced that Neumann would return a controversial $5.9 million trademark payment, while the company appointed its first female director to the board.
Since the company filed for an IPO in August, its valuation has dwindled in response to weak demand among investors. The We Co. has considered slashing its IPO valuation to $15 billion, a significant cut from the $47 billion private valuation assigned to it in January. Additionally, the company's biggest outside investor, SoftBank, had met with the company about whether to move forward with going public.
CNBC's David Faber reported this week that the IPO is still on track to happen, and the roadshow for investors could start as soon as Monday.
Correction: WeWork's IPO valuation could fall below $15 billion. An earlier version misstated the figure.