September 18, 2019
WeWork parent the We Company has postponed its initial public offering, which was targeted for later this month. The Wall Street Journal and other media outlets reported that the postponement occurred as investors questioned both the New York-based company’s actual worth and its governance, and that Softbank, its largest investor, sought a delay.
“The We Company is looking forward to our upcoming IPO, which we expect to be completed by the end of the year,” according to a company statement. “We want to thank all of our employees, members and partners for their ongoing commitment.”
CNBC reported that WeWork’s valuation target had fallen to as low as $10 billion to $12 billion, compared to $47 billion earlier this year.
In an SEC filing, the We Company said it had limited CEO Adam Neumann’s voting power. Neumann will also return any profits from real estate transactions with the company.
Pictured: WeWork’s upcoming facility at the Dock 72 development in Brooklyn.
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