The parent company recently sliced its valuation from $47 billion to about $20 billion and has been battered by a series of questions of over corporate governance.
The parent company of co-working space WeWork is expected to postpone its initial public offering (IPO) the latest set back in a series of missteps, The Wall Street Journal reports. The We Company will reportedly shelve its public offering until at least next month after investors reportedly questioned how much the We Company is actually worth and the governing board has been battered by questions over its corporate governance. This comes after CEO and co-founder Adam Neumann reportedly cut back the company's initial valuation by half and changed its governance. Business Insider reports the company initially set its valuation at $47 billion, then sliced it to about $20 billion earlier this month—prompting investor skepticism. Documents filed by the We Company also suggest that it was not profitable, with the business generating $1.8 billion in revenue in 2018, but losing $1.9 billion.
