{"id":609618,"date":"2023-11-07T00:00:00","date_gmt":"2023-11-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/07\/wework-officially-files-for-bankruptcy-elon-musks-neuralink-is-ready-to-start-its-brain-chip-trials\/"},"modified":"2023-11-07T00:00:00","modified_gmt":"2023-11-07T00:00:00","slug":"wework-officially-files-for-bankruptcy-elon-musks-neuralink-is-ready-to-start-its-brain-chip-trials","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/07\/wework-officially-files-for-bankruptcy-elon-musks-neuralink-is-ready-to-start-its-brain-chip-trials\/","title":{"rendered":"WeWork officially files for bankruptcy + Elon Musk\u2019s Neuralink is ready to start its brain chip trials"},"content":{"rendered":"

From high-flier to Chapter 11:<\/strong> Coworking spaces provider WeWork, once the biggest office tenant in Manhattan, has filed for bankruptcy in the US and is planning \u201cto file recognition proceedings in Canada,\u201d the company said in a statement<\/a> yesterday. The filing does not affect the company\u2019s locations or operations outside the US and Canada, according to the statement. <\/p>\n

The company intends to continue operating in locations unaffected by the bankruptcy<\/strong>process and servicing existing members. Despite its vast real estate portfolio, WeWork has struggled to turn a profit. Previous attempts at debt restructuring have failed to save the company from its financial woes.<\/p>\n

WeWork CEO David Tolley expects it to be a relatively quick process<\/strong>, telling the Financial<\/a>Times<\/a> he believes it could wrap in under seven months. WeWork's bankruptcy filing allows it to shed costly leases, a common move for insolvent firms, the Financial Times adds. <\/p>\n

The numbers haven\u2019t been looking good for a while:<\/strong> The company \u2014 which was once privately valued at USD 47 bn and which went public in 2021 through a special-purpose acquisition vehicle \u2014 saw its shares fall to a low of USD 0.10 earlier this year. WeWork had signaled at the time that it could be facing bankruptcy<\/a>.<\/p>\n

Its collapse is the culmination of years of setbacks<\/strong>, starting with its derailed IPO plans back in 2019, leading to the need for a multi-bn USD bailout from SoftBank<\/a>. Other shared office-space companies, such as Knotel<\/a> and IWG subsidiaries<\/a>, also faced bankruptcy due to the pandemic's impact on working habits. <\/p>\n

\n

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With Neuralink trials beginning soon, Elon Musk is making the leap from <\/strong>rocket science to brain surgery. <\/strong>Musk\u2019s brain implant company, Neuralink Corp.<\/a>, is seeking a volunteer for its first human clinical trial<\/a> after finally being granted FDA clearance to do so. The company has been testing this piece of technology on animals since 2018, killing 1.5k<\/a> of them in the process.<\/p>\n

The process is simple: <\/strong>The lucky contender will have a portion of their skull removed by a surgeon, and a large robot will then insert a series of electrodes and wires into their brain. They won\u2019t be getting that piece of bone back \u2014 the microchip, really a computer the size of a coin, will remain there instead. They hope to use that technology to read and analyze the candidate\u2019s brain activity, which will be relayed wirelessly to a nearby device.<\/p>\n

This isn\u2019t new technology. <\/strong>Several<\/a>companies<\/a> have already created implants that perform basic tasks based on the candidate\u2019s thoughts. But Musk has loftier dreams for Neuralink. In 2019, he promised<\/a> symbiosis with artificial intelligence, and in Musk\u2019s classic time management technique \u2014 unrealistic timetables<\/a> \u2014 he promised human trials would begin in 2020.<\/p>\n

If the product works as intended, it may change the life of mns suffering from physically <\/strong>debilitating diseases.<\/strong> But Musk seems more interested in using it to stream music<\/a> directly to users\u2019 brains. The arguments being raised revolve around Neuralink\u2019s speedy progress in a field that necessitates slow-and-steady steps, as well as whether Musk \u2014 known for his manic and reactionary<\/a> personality \u2014 is the ideal candidate to mass-produce mind-control devices.<\/p>\n

\n

\n

Women \u2014 including mothers with young children \u2014 are leading the overall <\/strong>increase in labor force participation.<\/strong> Women of \u201cprime age\u201d \u2014 between the ages of 25 and 54 \u2014 in the US recorded a labor force participation rate of 77.8% last June, according to Bureau of Labor Statistics (BLS) data<\/a>. That figure is the highest in over 15 years, the jobs report notes, and is of particular interest after some 2.2 mn women dropped out of the workforce over the span of two months in 2020, leading some to expect to see a \u201c shecession<\/a>,\u201d or a women-led recession.<\/p>\n

Here in Egypt, women\u2019s labor force participation is much lower<\/strong>, coming in at 15.5% (compared to 69.2% for men\u2019s labor force participation) as of 2Q 2023<\/a>. Our overall unemployment rate rose 3 percentage points between February and June 2020 due to the pandemic, with women leading the drop in employment figures, highlights a survey<\/a> by the International Labour Organization.<\/p>\n

What\u2019s behind the trend? In part, hybrid work models.<\/strong> With the covid-19 pandemic triggering a shift to remote or hybrid work, mothers with very young children (aged 0-5) \u2014 specifically those who hold a bachelor\u2019s degree or are married \u2014 are \u201camong the most \u2026 likely to be teleworking in 2023,\u201d says a report<\/a> from the Hamilton Project at the Brookings Institution. These two segments of the labor force \u201chave made the most striking gains in pre-pandemic labor force participation,\u201d the report notes, and are the only groups who have either returned to or surpassed pre-pandemic employment levels. <\/p>\n

This is an impressive rise, considering the gender gap in labor force participation back in <\/strong>2020:<\/strong> Even with a surge in overall hiring, men have fallen short in their labor force participation rate, as reflected in the BLS data. There was almost a one-to-one correlation between employment rates and remote work in fields like marketing and communications, according to research (<\/a>pdf<\/a>)<\/a> using pre-pandemic data from economists at the University of Virginia and the University of Southern California.<\/p>\n

But it\u2019s not all sunshine and rainbows:<\/strong> Despite a steady global rise in remote work, experts disagree on how it affects productivity, but companies often pay less for these roles and tend to favor employees they see face-to-face more, the New York Times<\/a> notes. In Egypt, we have a lower prevalence of hybrid work, with only around 15% of workers able to work from home as of February 2020, says the ILO survey. <\/p>\n","protected":false},"excerpt":{"rendered":"

WeWork has been at risk of bankruptcy for months<\/p>\n","protected":false},"author":1,"featured_media":609619,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[633,638,1120,1220],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-enterprisepm","tag-for-your-commute","tag-office-life","tag-wework","wpautop","entry"],"acf":{"mongo_id":"d3bb2799-33fc-473e-ac0b-9490f1bc23fb","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/346.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[609613],"teaser":"WeWork has been at risk of bankruptcy for months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.d1f8df42-b4c1-4b1a-9ccf-294daaad4f4e.mp3"},"yoast_head":"\nWeWork officially files for bankruptcy + Elon Musk\u2019s Neuralink is ready to start its brain chip trials - 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WeCrashed: The Rise and Fall of WeWork charts the rise and fall of ambitious Israeli-American entrepreneur Adam Neumann who in 2019 presided over the biggest wipeout of shareholder value in a single\u2026","rel":"","context":"In "PODCASTS ABOUT FINANCE AND ECONOMY"","block_context":{"text":"PODCASTS ABOUT FINANCE AND ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/podcasts-about-finance-and-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/280.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/china-enters-deflation-territory\/","url_meta":{"origin":609618,"position":1},"title":"China enters deflation territory","author":"enterpriseam admin","date":"10 August 2023","format":false,"excerpt":"The country\u2019s post-covid rebound is stalling hard","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/498.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544324,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-chaotic-love-story-behind-the-wework-crash-a-historical-treasure-hunt-gives-us-an-indiana-jones-style-memoir-in-the-21st-century\/","url_meta":{"origin":609618,"position":2},"title":"The chaotic love story behind the WeWork crash + A historical treasure hunt gives us an Indiana Jones-style memoir in the 21st Century","author":"enterpriseam admin","date":"27 February 2022","format":false,"excerpt":"? ON THE TUBE TONIGHT-(all times CLT) The chaotic love story behind the WeWork crash: Anne Hathaway and Jared Leto bring to life the rise and fall of shared workspace startup WeWork in their portrayal of Adam and Rebekah Neumann in drama miniseries WeCrashed. The drama, which debuts on 18\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/559.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593903,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/14\/what-were-tracking-on-14-october-2019\/","url_meta":{"origin":609618,"position":3},"title":"What we\u2019re tracking on 14 October 2019","author":"enterpriseam admin","date":"14 October 2019","format":false,"excerpt":"The annual meetings of the IMF and World Bank start today and wrap up on Sunday, with the talk of the town these days being the global economic outlook for 2019. The IMF will weigh in on the question everybody\u2019s been asking for months: Is the world economy sliding into\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592822,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/what-were-tracking-on-7-november-2019\/","url_meta":{"origin":609618,"position":4},"title":"What we\u2019re tracking on 7 November 2019","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"We\u2019re heading into a long weekend: Banks and the EGX are taking Sunday off in observance of Prophet Mohamed\u2019s birthday, which falls on Saturday. We\u2019re following suit and will be back in your inboxes at the usual time on Monday morning.That said: We have plenty of news in a packed\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595359,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/what-were-tracking-on-24-september-2019\/","url_meta":{"origin":609618,"position":5},"title":"What we\u2019re tracking on 24 September 2019","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"While the business community and foreign investors alike continue to digest events of this past weekend, you can expect the domestic press to be preoccupied today by events over in New York.That\u2019s where the United Nations General Assembly\u2019s general debate kicks off today at 3 pm CLT. President Abdel Fattah\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=609618"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609618\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/609613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609619"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609618"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609618"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}