The We Company has withdrawn its IPO filing after a rough month.
Since the IPO was made public, as were numerous allegations against its recently ousted CEO, Adam Neumann.
Following immense pressure from numerous investors and the firm’s board, Neumann stepped down from the CEO position.
The company’s valuation took a nosedive, down from an initial USD 47 Billion.
The company has since embarked on a mission to shed dead weight and focus on its co-working business.
This could signal impending layoffs, and the company selling some of its previous acquisitions (Managed by Q, Conductor and Meetup).
Related article: WeWork’s embattled CEO Adam Neumann finally steps down
Initially the firm announced that it would delay its IPO, but on Monday, confirmed that it would be withdrawing it completely.
The statement from the co-CEOs Artie Minson and Sebastian Gunningham, read, “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong.”
It continued, “We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”
