Apr 29, 2019

WeWork says it's going public

Source: Getty Images

WeWork announced on Monday that it confidentially filed IPO registration paperwork with federal regulators last December, and an amended filing more recently. Axios has learned that the co-working giant has not yet picked bankers, and that the offering is likely to occur in the third or fourth quarters of 2019.

Why it matters: This would be one of the year's most controversial mega-IPOs, as WeWork is a "love it or hate it" sort of company among investors. One person close to the company told Axios that it could become the second-most shorted stock, behind Tesla.

Some of the biggest skepticism around WeWork's model is whether it could sustain a downturn given its popularity among startups.
The company has been diversifying its business by adding efforts like a coding school and a children's school.
It's also been working to sign up large customers such as Microsoft and IBM with huge seat counts and longer contracts to help stabilize its business.

Go deeper: WeWork doubled revenue and loss in 2018

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Axios

Coronavirus dashboard

Illustration: Axios Visuals

Global: Total confirmed cases as of 8 a.m. ET: 1,131,713 — Total deaths: 59,884 — Total recoveries: 233,591 — Map.
U.S.: Total confirmed cases as of 8 a.m. ET: 278,458 — Total deaths: 7,159 — Total recoveries: 9,897 — Map.
Public health latest: The CDC is recommending Americans wear face coverings in public to help stop the spread of the coronavirus. The federal government will cover the costs of COVID-19 treatment for the uninsured, Health and Human Services Secretary Alex Azar said.
2020 latest: "I think a lot of people cheat with mail-in voting," President Trump said of the 2020 election, as more states hold primaries by mail. Montana Gov. Steve Bullock said Friday that every county in the state opted to expand mail-in voting for the state's June 2 primary.
Business updates: America's small business bailout is off to a bad start. The DOT is urging airlines to refund passengers due to canceled or rescheduled flights, but won't take action against airlines that provide vouchers or credits.
Oil latest: The amount of gas American drivers are consuming dropped to levels not seen in more than 25 years, government data shows. Trump is calling on the Energy Department to find more places to store oil.
Tech updates: Twitter will allow ads containing references to the coronavirus under certain use cases.
U.S.S. Theodore Roosevelt: Senators call for independent investigation into firing of Navy captain.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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