Stock market

WeWork reins in CEO to save IPO

WeWork office building
Photo: Timothy A. Clary/AFP/Getty Images

WeWork tried breathing new life into its IPO this morning with a new filing disclosing significant changes to voting structure, lockups, profit-sharing, and succession-planning.

Why it matters: Almost all of this is about reducing the power of co-founder and CEO Adam Neumann, who remains more controversial among many investors than WeWork's business model.

SmileDirectClub cashes in at IPO

Illustration of dentures with dollar bills rolled up in it
Illustration: Rebecca Zisser/Axios

SmileDirectClub, a provider of at-home teeth straightening systems, raised $1.3 billion in its IPO. It priced 58.54 million shares at $23, above $21-$23 range, for an initial market cap of $8.9 billion, and will trade on the Nasdaq (SDC). J.P. Morgan was lead underwriter.

Why it matters: It shows that rule-muddying isn't just for transportation and housing unicorns. SDC has been the subject of numerous safety complaints to state dental boards from orthodontist organizations, which the company pushes back on as more about profits than patients.