WeWork Officially Withdraws IPO Filing
[bctt tweet=”WeWork will withdraw its S-1 filing after details of the company’s major financial losses and questionable business practices came to light.” username=”allwork_space”]
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.
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“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.”
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