Good morning! This is the tech news you need to know this Monday.
- WeWork has reduced CEO Adam Neumann's control over the company in response to pre-IPO worries about its profitability and corporate governance. WeWork slashed Neumann's voting rights, and said no member of his family could sit on its board as it plans to plough ahead with its public offering.
- SoftBank reportedly plans to buy $750 million in WeWork shares in the real-estate company's planned public offering. According to The Wall Street Journal, that would represent around a quarter of all the shares the coworking company plans to sell in the offering, in which it is expected to raise at least $3 billion.
- MoviePass, the embattled movie-ticket-subscription service, is shutting down on Saturday, its parent company, Helios and Matheson Analytics, announced on Friday. Helios and Matheson said it would explore a sale of MoviePass, along with its other assets Moviefone and MoviePass Films.
- Disney chief executive Bob Iger has stepped down from his position on Apple's board of directors. Iger's decision comes as Apple confirmed this week that the release of its subscription streaming service, Apple TV Plus, is slated for November 1.
- Cloudflare, a web security and content delivery company, raised $525 million on Thursday after pricing its shares higher than expected. Shares of Cloudflare surged more than 25% when they began trading on Thursday, valuing the company at north of $5 billion.
- Representatives from Facebook's digital currency Libra will meet banking officials on Monday, with one official warning that the bar for regulatory approval would be extremely high. The Financial Times reported that this will be the first meeting between Libra's representatives and policymakers.
- An Ohio gamer upset about a $1.50 bet while playing Call of Duty: WWII online was sentenced Friday to 15 months in prison for recruiting a prankster to make a bogus emergency call that resulted in the fatal shooting of a Kansas man by police. Casey Viner, 19, of North College Hill, Ohio, also is restricted from gaming activity for two years while he is on supervised release after serving his prison term, U.S. District Judge Eric Melgren said in announcing the sentence.
- Uber is close to signing a lease for office space at 3 World Trade Center in New York City, according to a report from Crain's New York. The company will reportedly move in sometime next year if the lease is signed.
- The House Judiciary Committee is investigating whether Apple's restrictive policies around allowing third-party repairs to its devices, and its algorithms for search rankings in the App Store, constitute a violation of antitrust law. Congress has asked Apple for a trove of documents regarding its restrictions on third-party repairs, and how it promotes its own apps in the App Store, among other issues.
- Japanese billionaire Yusaku Maezawa, a key investor in SpaceX's next-generation rocket system Starship, plans to sell a 30% stake in his online fashion-retail company, Zozo, to Yahoo Japan. During a press conference, Maezawa reportedly said one of his main reasons for departing Zozo was to make time to train for a 2023 voyage around the moon with Starship: a new rocket system planned by SpaceX.
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