The move was widely expected after turnover in the company.
After weeks of turmoil—and less than a week after the departure of embattled cofounder Adam Neumann—WeWork has filed to officially withdraw its planned initial public offering.
In a widely expected move, WeWork cancelled its IPO on Monday, submitting a request with the Securities and Exchange Commission to officially withdraw its S-1 registration, initially filed in August.
WeWork’s biggest shareholder, Softbank, invested in the real estate and workspace firm at a $47 billion valuation in January. But investor skepticism led the company to consider a potential IPO with a valuation as low as $10 billion, and it now looks to have scrapped the idea altogether—although not necessarily in the long run.“We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” management said.
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