WeWork shelves plan for IPO, tries to rebuild battered image

0
51
ALEXANDRA OLSON and STAN CHOE AP Business Writers NEW YORK (AP) — WeWork's new leaders shelved plans to enter the stock market Monday as they sought to repair the battered image of a company that appeared to revolutionize the office-rental industry and was poised just weeks ago to go public with a valuation of nearly $50 billion. The decision came less than a week after co-founder Adam Neumman stepped aside as chief executive officer. His corporate governance practices had raised conflict-of-interest questions that compounded skepticism about the money-losing company's prospects for turning a profit. The suspended IPO raised an immediate funding challenge for WeWork, which had counted on a successful stock offering to pursue the meteoric growth strategy that made it so attractive to
Subscribe or log in to read the rest of this content.