WeWork will withdraw IPO filing
WeWork announced Monday that it would formally pull its IPO filing after a tumultuous series of weeks saw its valuation plummet and the departure of CEO Adam Neumann, per CNBC.
The big picture, via Axios' Dan Primack: The company's new CEOs, Artie Minson and Sebastian Gunningham, have already made a variety of moves to shore up the company's finances. It currently has around $2 billion of cash on hand and is owed another $1.5 billion next year from shareholder SoftBank, with reports that SoftBank may increase its investment if it can change the original deal terms.
Go deeper ... We(re)Work: One week, many changes