Friday, June 21

Tag: WeWork IPO

WeWork CEO Adam Neumann decided to Step down
News

WeWork CEO Adam Neumann decided to Step down

WeWork co-founder Adam Neumann has decided to step down as CEO of the office sharing startup, people with knowledge of the matter said, citing pressure from board members tied to SoftBank. Neumann will remain as chairman of the company he started in 2010, and he continues to control a majority of voting shares, the sources said. The company confirmed the report, saying the change is effective immediately. As we published an article on sunday, there were speculation in the WeWork board to replace Adam Neumann as chief executive. The showdown between SoftBank and Adam comes after We Company postponed its initial public offering (IPO) last week. SoftBank is considering to make Neumann as a interim CEO and hired an external replacement. However, SoftBank could choose not to...
SoftBank Turns against WeWork’s parent CEO Neumann
BUSINESS

SoftBank Turns against WeWork’s parent CEO Neumann

(Reuters) - SoftBank Group, the biggest investor in Wework co-working is exploring ways to replace Adam Neumann as chief executive, four people familiar with the matter said on Sunday. The rare showdown between SoftBank and one of its biggest investments comes after We Company postponed its initial public offering (IPO) last week, following pushback from perspective investors, not just over its widening losses, but also over Neumann’s unusually firm grip on the company. This was a blow for SoftBank, which was hoping for We Company’s IPO to bolster its profits as it seeks to woo investors for its second $108 billion Vision Fund. It invested in We Company at a $47 billion valuation in January, yet stock market investor skepticism led to the startup considering a potential...
WeWork Delayed IPO Launch by End of 2019
Market

WeWork Delayed IPO Launch by End of 2019

A stock offering from fast-growing office-sharing startup WeWork is being delayed and will likely occur by the end of 2019, the parent company said. The news from The We Company, which had filed paperwork for an expected listing this month, puts off the listing amid concerns about a huge overvaluation of the company. "The We Company is looking forward to our upcoming IPO, which we expect to be completed by the end of the year," a company statement said late Monday. "We want to thank all of our employees, members and partners for their ongoing commitment." The We Company, its parent firm, was thought to be moving forward with listing on the Nasdaq next week. WeWork had been expected to launch its IPO roadshow on Monday to market its shares to potential investors. B...
WeWork Files For an IPO, Trade Under “WE” ticker
Market

WeWork Files For an IPO, Trade Under “WE” ticker

Co-working startup WeWork filed for an IPO after its parent company "We company" proposes it's stock sale, despite losing money amid rapid expansion. The We Company will trade under the "WE" ticker, as per the reports estimated the IPO valuation will be between $3 and $4 billion. The company also reached an agreement with a consortium of large banks including JPMorgan Chase and Goldman Sachs for a $6 billion credit facility that will close with the stock offering. "Not only do we believe our business model mitigates the pressures of an economic recession but we also believe that our model could position us well in a downturn," it said in the filing. "An economic downturn may provide us an opportunity to further scale our platform at more attractive unit economics. The New Yo...