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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.

As such, the company said it will:

  • Cut the power of Neumann's super-voting stock from 20 votes per share to 10 votes per share, and convert it to one vote per share if Neumann were to die or become incapacitated.
  • Give WeWork's board the ability to remove Neumann as CEO and choose a successor. It also plans to name an independent director by year-end.
  • Neumann already pledged not to sell any stock in the first year post-IPO, and now will limit any sales in years two and three to no more than 10% of his holdings.
  • Neumann also "will give to the company any profits he receives from the real estate transactions he has entered into with the company." Unclear if this also includes past profits.
  • All of this follows Neumann's recent return to the company of a $5.9 million stock payment for the "We" family of trademarks.

The bottom line: Last month we wrote that WeWork had put its IPO at risk via a series of unforced errors, many of which could be corrected in amended filings. The company has now done just that. What we still don't know is if fund managers will be willing to forgive and invest, or if they just can't shake their first impression.

Go deeper: WeWork CEO returns $5.9 million "trademark payment" to the company

Go deeper

Ina Fried, author of Login
26 mins ago - Technology
Column / Signal Boost

Exclusive: Meta's civil rights chief aims to "turn the knob" for good

Photo Illustration: Shoshana Gordon/Axios. Photo: Meta

A year ago, Facebook brought in Roy Austin, Jr. to lead a new team focused on civil rights. Since then, he has assembled a squad of experts advising parent company Meta on everything from voting rights to hate speech to ensuring new products don't have discriminatory impact.

The big picture: Austin's team of nine must tackle those tough issues inside a company of nearly 70,000 employees serving more than 3 billion users around the world.

Momentum builds for transparency on people's salaries

Illustration: Sarah Grillo/Axios

New York City will soon require employers to supply a salary range when they're advertising a position — the biggest step yet in the growing but controversial movement for pay transparency.

Why it matters: Laws like New York's aim to give workers, particularly women and people of color, more power in job negotiations. But the rise in remote work is throwing a wrench into the effort.

1 hour ago - Health

Contact tracing fizzles across America

Illustration: Sarah Grillo/Axios

States across the country are scaling back their contact tracing efforts, often focusing on vulnerable communities and relying more on Americans to alert close contacts themselves after testing positive for COVID.

Why it matters: As vaccines have become available, the virus has become more infectious and life has slowly headed more toward normal, health officials have come to view contact tracing as a relatively inefficient use of resources.

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