WeWork’s high-yield bond price dropped to a record low just one week after co-founder Adam Neumann stepped down as CEO.
The company has experienced a rough few weeks — having its massive $47 billion valuation slashed to $10 billion, being on the receiving end of backlash due to its $1.9 billion in losses last year, and the loss of its overly eccentric leader.
Still, the company’s new co-CEOs Artie Minson and Sebastian Gunningham are hopeful the company will eventually pursue another IPO.
“We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders,” they said in a statement. “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”