Business Highlights: WeWork seeks bankruptcy protection; Yellen blasts GOP bid to cut IRS funding

NEW YORK — WeWork has filed for Chapter 11 bankruptcy protection. It marks a stunning but anticipated fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world. WeWork says it entered into a restructuring support agreement with the majority of its stakeholders to “drastically reduce” its debt while further evaluating its commercial office lease portfolio.

WASHINGTON — The IRS commissioner says for the agency to keep building on its customer service and enforcement priorities it needs a reliable funding stream. IRS Commissioner Daniel Werfel said Tuesday at an event with Treasury Secretary Janet Yellen the debate over IRS funding comes down to a fundamental choice.

WASHINGTON — On the same day whistleblower Frances Haugen was testifying before Congress about the harms of Facebook and Instagram to children in the fall of 2021, Arturo Béjar, then a contractor at the social media giant, sent an email to Meta CEO Mark Zuckerberg about the same topic.

DETROIT — One of the biggest reasons people cite when saying they won’t buy an electric vehicle is range anxiety. That’s the fear of running out of juice on the road with nowhere to recharge. Stellantis’ Ram brand may have an answer, especially for people who need a truck to haul or tow things. It’s called the Ramcharger, a pickup that can travel 145 miles on electricity, with a V6 gas engine and generator to can recharge the battery while the truck is moving.

NEW YORK — Stocks ticked higher on Wall Street as markets continue to absorb the big swings that have shaken them in recent weeks. The S&P 500 rose 0.3% Tuesday. Gains in several Big Tech companies helped push the index higher, even though more stocks fell than rose. The Dow added 56 points, and the Nasdaq composite climbed 0.9%. The 10-year Treasury yield eased following its own sharp swings since the summer. Oil prices fell sharply to take some pressure off inflation. Benchmark U.S.

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Business Highlights: AI tool for adoption matchmaking; Fortnite maker takes Google to courtBusiness Highlights: A summary of the day’s top stories in the business world.
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This Week in Business: Consumer borrowing, consumer sentiment, small business updateThe Federal Reserve delivers its monthly snapshot of U.S. consumer borrowing on Tuesday. A monthly index that tracks small firms’ view of the U.S. economy and their business prospects is due out Thursday. The University of Michigan releases its preliminary report on consumer sentiment for November on Friday.
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