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WeWork To Revisit IPO After Achieving Profitability

WeWork CEO Sandeep Mathrani has revealed that once the company has become profitable, it will revisit plans to go public again.

This comes just one year after the firm’s tumultuous failed IPO led to layoffs, reformatting its C-suite and cutting out its ventures outside of real estate.

“I’m a big believer in one step at a time so let’s hit profitable growth first, and we’ll then revisit the IPO plan,” said Mathrani during a Zoom video conference call. “Nazar na lag jaye,” which is a Hindi expression that means to protect someone from the evil eye.

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If and when the IPO happens, the company’s units and franchisees across the globe will roll into the parent per existing agreements.

Just last week, Fitch Ratings knocked WeWork’s credit rating down a notch, indicating that it could default on its obligations. However, Mathrani says the firm is on its way to hitting profitability by 2021.

Additionally, Mathrani said that the company does not owe former CEO Adam Nuemann any more money from the $185 million consulting deal with SoftBank. 

“Our lawyers said we don’t owe him any money,” said Mathrani. “It’s between SoftBank, the other investors and him.”

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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