WeWork Calls Off IPO Following Ouster of CEO

WeWork building
Scott Olson/Getty

WeWork is the latest casualty of the IPO bloodbath.

The office-space-sharing company said Monday it is yanking its plans for an initial public offering, just days after CEO Adam Neumann stepped down following a rocky tenure that has been plagued by allegations of outrageous conduct, including alleged drug use.

“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” co-CEOs Artie Minson and Sebastian Gunningham said in a statement.

“We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”

WeWork’s decision comes after Hollywood talent agency Endeavor abruptly called off its own IPO a day before it was scheduled to take place.

Wall Street has seen a highly anticipated IPOs flop in recent months, including exercise bike company Peloton, whose stock plummeted more than 10 percent the day it went public.

Other flops include ride-sharing competitors Uber and Lyft, which have both seen their stocks fall since going public this year.

WeWork had earlier delayed its planned IPO, and was expected to drastically cut its valuation.

Follow David Ng on Twitter @HeyItsDavidNg. Have a tip? Contact me at dng@breitbart.com

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