WeWork Formally Withdraws Its I.P.O. After Investors Balked - 1 minute read

WeWork Formally Withdraws Its I.P.O. After Investors Balked

WeWork shelved its plans for an initial public offering on Monday, days after its chief executive resigned under pressure.

It was the latest sign of trouble at the fast-growing company, which rents out shared office space, and was until recently considered one of the world’s most valuable start-ups. But investors balked at buying shares in the company, which has run up billions of dollars in losses and does not appear to be close to turning a profit.

“We have decided to postpone our I.P.O. to focus on our core business, the fundamentals of which remain strong,” Artie Minson and Sebastian Gunningham, co-chief executives of the We Company, WeWork’s parent, said in a statement.

Mr. Minson and Mr. Gunningham took the reins of the company last week after Adam Neumann, We’s co-founder, resigned as chief executive.

Source: The New York Times

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