The offering is likely to be postponed until at least October, people familiar with the matter said on Monday.
Already, the We Company had announced sweeping corporate governance changes meant to address conflict of interest and commitment concerns surrounding CEO Adam Neumann.
The company's plans for a public offering have been hampered by questions about its corporate governance and the ultimate value of a company that private investors once thought was worth almost $50 billion. He will also limit his ability to sell shares in the second and third years after the IPO to no more than 10 per cent of his stock. When WeWork dismissed about 300 employees in the spring, the company indicated it would then go on a hiring spree. But the delay is particularly significant because We had been planning to raise at least US$3 billion from it, which would have triggered another US$6 billion in loans, funds crucial for a company that's been losing even more money as a result of its focus on global expansion. The facility requires the company to carry out its IPO by December 31, Bloomberg News previously reported. It invested $2billion in WeWork at the original valuation of $47 billion, which is now expected to be significantly lower.
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A Mubadala representative told Bloomberg the company is still discussing its potential stake in the new fund and denied that it had yet made a decision on the when or how much to commit.
The company is expected to decide on Monday evening whether it will proceed with the IPO this week, the sources said, requesting anonymity because the matter is confidential.
WeWork's parent company put its stock market debut on the backburner Tuesday, struggling to drum up investor enthusiasm for a fast-growing enterprise that spread trendy communal office spaces across the globe while piling up massive losses. Some have called WeWork the most overvalued start-up in history, claiming it is an unprofitable real estate company marketing itself as an innovative tech firm. As if it isn't alarming enough that it's now estimated to be worth close to a mere fifth of its January figure, it's worth noting the $10 billion valuation is less than the $12 billion it raised over the years.
Adam Neumann, chief executive officer of U.S. co-working firm WeWork.