WeWork will withdraw its S-1 filing after details of the company’s major financial losses and questionable business practices came to light.
The company’s prospectus came under great scrutiny due to its seemingly undeserving $47 billion valuation, which has now been cut down to as low as $10 billion.
After its tumultuous path to go public failed, co-founder Adam Neumann stepped down as CEO and gave up some of his voting power.
“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” said Artie Minson and Sebastian Gunningham, WeWork’s new co-CEOs. “We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”