WeWork abandons IPO plans, a week after the company ousted its founder Adam Neumann. More here:
- WeWork’s parent The We Company said on Monday it will file to withdraw its initial public offering, a week after the SoftBank-backed office-sharing startup ousted founder Adam Neumann as its chief executive officer.
Furthermore, experts pointed out that removing Neumann from the CEO role and addressing governance issues was not enough, and that such a business model was unlikely to thrive during an economic downturn. According to two sources familiar with the matter, the company is currently looking to trim its workforce and slow down its expansion in order to burn through less cash and be less dependent on fresh funding.
SoftBank, which had been pushing WeWork to postpone its IPO and is currently attempting to raise its second $100 billion-plus Vision Fund, is under pressure to assuage key backers of the fund who have raised concerns over the long-term viability of the investment fund. “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” Minson and Gunningham added.
SoftBank, which owns nearly a third of We Company, invested in the startup at a $47 billion valuation in January. But investor skepticism led to it earlier this month considering a potential IPO valuation of as low as $10 billion, Reuters reported.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
WeWork throws in the towel on ill-fated IPOWeWork's parent The We Company said on Monday it will file to withdraw its ...
続きを読む »
How WeWork Went from Unstoppable Unicorn to Postponing Its IPOWeWork has announced it will be postponing its IPO indefinitely. reeveswiedeman reports on how, in a matter of weeks, one of the world’s most highly valued private companies became a cautionary tale
続きを読む »
WeWork withdraws its IPO filing after weeks of corporate dramaAfter weeks of corporate drama, WeWork announces plans to withdraw its initial public offering filing.
続きを読む »