WeWork withdraws plan to go public following CEO turmoil
WeWork parent the We Company on Monday withdrew its plan to take the office space leasing company public less than a week after ousting its CEO.
WeWork is the biggest tenant in New York City, and has made its name leasing, renovating and subleasing office space in cities nationwide. It was once privately valued as high as $47 billion. Since filing regulatory documents to go public on August 14, however, it has faced questions about its large financial losses, funding and corporate governance.
WeWork founder Adam Neumann stepped down as CEO last week and has been cutting costs as it seeks to shore up its balance sheet.
This is a developing story…
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