SOCIAL MEDIA NEWS
SoftBank asks WeWork to shelve IPO, reports FT
SoftBank, WeWork’s biggest outside investor, is urging the startup to shelve its initial public offering, according to a Monday report from the Financial Times.
The We Co., as the co-working company is formally called, had been in discussions with SoftBank and other shareholders and advisors about whether or not to move ahead with its IPO, CNBC reported on Friday. WeWork has faced criticism regarding its complicated corporate structure, its governance and payments made to CEO Adam Neumann.
WeWork advisors are still evaluating investor appetite for an IPO valuation between $15 billion and $20 billion, according to the Financial Times. That would be less than half of the $47 billion valuation the company was given when SoftBank invested $2 billion in the startup in January.
Read the full report on the Financial Times.
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