SoftBank, WeWork’s grandest outside investor, is urging the startup to shelve its initial public offering, according to a Monday report from the Fiscal Times.
The We Co., as the co-working company is formally called, had been in discussions with SoftBank and other shareholders and advisors there whether or not to move ahead with its IPO, CNBC reported on Friday. WeWork has faced criticism regarding its complicated corporate edifice, its governance and payments made to CEO Adam Neumann.
WeWork advisors are still evaluating investor appetite for an IPO valuation between $15 billion and $20 billion, coinciding to the Financial Times. That would be less than half of the $47 billion valuation the company was given when SoftBank installed $2 billion in the startup in January.
Read the full report on the Financial Times.
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