WeWork pushed back its plans for a $20 billion IPO as its valuation plunges
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Wework's initial public offering was pushed back at the last minute Monday night. Photo by Drew Angerer/Getty ImagesAll eyes are on what WeWork will do next after the New York-based co-working startup on Monday pushed back its plans for a $20 billion initial public offering. WeWork planned to start promoting the share sale with institutional investors on Monday and to list shares within the following week. Wework toldInvestors are reportedly concerned about CEO Adam Neumann’s oversized influence, WeWork’s rising operating losses and the business model, which involves taking outWework was reportedly seeking to raise between $3 billion and $4 billion from the listing with the entire company valued at $20 billion. The valuation has plunged from $47 billion in January.
Wework is under pressure to raise new money as costs rise and its cash reserves dwindle. The company had agreed a $6 billion loan package in August but the deal was conditional on Wework raising $3 billion from its IPO.Wework's plan to lists its shares have met with an icy reception from investors.
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