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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

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.

Dave Lawler, author of World
1 hour ago - World

Assassination in Iran sets stage for tense final 50 days of Trump

The funeral ceremony in Tehran. Photo: Iranian Defense Ministry via Getty

Iranian leaders are weighing their response to the assassination of Mohsen Fakhrizadeh, known as the father of Iran’s military nuclear program, who was given a state funeral Monday in Tehran.

The big picture: Iran has accused Israel of carrying out Friday’s attack, but senior leaders have suggested that they’ll choose patience over an immediate escalation that could play into the hands of the Israelis and the outgoing Trump administration.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Hospital crisis deepens as holiday season nears.
  2. Vaccine: Moderna to file for FDA emergency use authorizationVaccinating rural America won't be easy — Being last in the vaccine queue is young people's next big COVID test.
  3. Politics: Bipartisan group of senators seeks stimulus dealChuck Grassley returns to Senate after recovering from COVID-19.
  4. States: Cuomo orders emergency hospital protocols as COVID capacity dwindles.
  5. Economy: Wall Street wonders how bad economy has to get for Congress to act.
  6. 🎧 Podcast: The state of play of the top vaccines.

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