Adam Neumann, WeWork’s CEO, has spoken out after The We Company announced it was delaying its highly anticipated IPO.
In an internal webcast, Neumann said that he was humbled and had lessons to learn about running a public company. He also expressed regret over how the listing was handled.
Neumann’s eccentric personality likely led to the listing’s failure, as well as the company’s blurred path to profitability and corporate structure according to reports. Its massive $47 billion valuation was also slashed to less than $20 billion.
Other disappointing debuts from Uber and the likely led to Neumann delaying the IPO according to sources.
The IPO is expected to move forward later this year, but could be pushed back until next year.
WeWork hopes that a new set of quarterly financials will revive the IPO, but investor demand might further dwindle as fund managers become more cautious.
