WeWork, one of the most high-profile tech companies that has filed to go public this year, is now weighing whether to cut its targeted IPO valuation drastically, according to multiple news outlets
WeWork's parent company is considering seeking a valuation in the $20 billion range for its planned IPO, according to the Wall Street Journal, which was first to report the news Thursday. The company was previously valued at as much as $47 billion on the private market, according to CB Insights, a research firm that tracks venture capital. The We Company declined to comment.
Adam Neumann, the company's CEO and cofounder, is set to wield considerable control over WeWork, thanks to its plans to create multiple classes of stock that give him more voting power. And the IPO prospectus showed Neumann has made millions of dollars by leasing properties back to the company, raising concerns about conflicts of interest. In the face of criticism, The We Company said in a filing this week that Neumann has repaid the company $5.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IPO hopeful WeWork adds woman to board, CEO returns $5.9 million, after backlashWeWork owner The We Company took some steps on Wednesday to burnish its appeal t...
Read more »
WeWork Slashes IPO Expectations as Investors BalkThe controversial startup, which was previously valued at $47 billion, could now be targeting as little as $20 billion for its initial public offering.
Read more »
WeWork is dramatically slashing its IPO valuation to less than $25 billion because of weak demandEven at a $25 billion valuation, demand for WeWork is weak, people familiar with the matter say. It last raised money at a $47 billion valuation.
Read more »
WeWork considers slashing IPO valuation amid pushback: sourcesWeWork owner The We Company is considering slashing the valuation it will seek in an initial public offering (IPO) at a little over $20 billion
Read more »