WeWork to withdraw ill-fated IPO

WeWork to withdraw ill-fated IPO

WeWork’s parent company, The We Company, filed to withdraw its initial public offering a week after the SoftBank-backed startup ousted its founder Adam Neumann as its chief executive officer.

The withdrawal of its IPO marks the end of the New York-based company’s pursuit of a near-term listing. It allows Neumann’s successors to proceed with the company’s financial turnaround without disclosing as much information publicly.

It further concludes the tumultuous few weeks of the firm. It failed to excite investors who raised concerns about its burgeoning losses and a business model that involves taking long-term leases and renting out spaces for short-term.