WeWork’s parent organization The We Company just announced that it’s withdrawing the S-1 filing for its IPO.
The co-working company has had a turbulent month since the filing went public, around both the general state of its finances and the behavior of co-founder/CEO Adam Neumann.
As a result, Neumann stepped down down as CEO last week (he will continue to serve as non-executive chairman). In addition, the company is looking to focus on its core co-working business, which means it’s planning major layoffs and even reportedly looking to sell some of the companies it acquired over the last couple of years — namely Managed by Q, Conductor and Meetup.
So it was widely expected that The We Company would delay its IPO. Today, it made things official with the release of a statement from new co-CEOs Artie Minson and Sebastian Gunningham:
We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong. We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.