WeWork owner The We Company may seek a valuation in its upcoming initial public ...
- WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.
The sources cautioned that no decision has been made and asked not to be identified because the matter is confidential. WeWork and SoftBank did not immediately respond to requests for comment. The WeWork brand is strongly tied to Neumann, a flamboyant, freewheeling 40-year-old Israel-born entrepreneur who has said that the We Company’s mission is “to elevate the world’s consciousness.” His wife Rebecca serves as the We Company’s chief brand officer and is a powerful figure inside the company.
The office space sharing start-up said it was making the changes “in response to market feedback.” It said Neumann’s superior voting shares will decrease to 10 votes per share from 20, though he will still retain majority control of the company. The We Company also disclosed its will list shares on the Nasdaq Stock Exchange. It plans to complete the IPO this month, and its IPO investor roadshow could launch as early as next week, Reuters has reported.
FILE PHOTO: The WeWork logo is displayed on the entrance of a co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File PhotoSoftBank chief Masayoshi Son has been pushing Neumann to delay the We Company’s IPO, but has so far failed to persuade him, Reuters has previously reported.
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