Business

WeWork withdrawing IPO

by Chris Mills Rodrigo - 09/30/19 12:36 PM ET

The We Company, parent of workspace-sharing firm WeWork, announced Monday that it will withdraw its initial public offering (IPO), a week after founder Andrew Neumann was removed as CEO.

“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” WeWork’s newly appointed co-CEOs Artie Minson and Sebastian Gunningham said in a statement.

{mosads}”We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” they wrote.

The company had already delayed the scheduled IPO earlier this month following internal turmoil.

WeWork was valued at $47 billion in January, but skepticism and instability led it to considering a potential IPO valuation earlier this month reportedly as low as $10 billion.

Neumann’s departure as CEO last week came amid concerns about his control over the firm.

A group of WeWork board members reportedly worked to remove him.