WeWork announces sweeping corporate governance changes in amended S-1; sources: WeWork is now seeking a valuation as low as $10B to $12B in its IPO
Supervoting shares (for Adam Neumann and others) are now 10 votes, not 20 — Rebekah, his wife and WeWork cofounder, no longer has role in picking his successor — they'll add independent board member https://twitter.com/...
CNBC Annie Palmer
Related Coverage
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- WeWork reins in CEO to save IPO Axios
- WeWork has become poster child for everything wrong with tech unicorns CNN
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Discussion
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@mbgilroy
Michael B. Gilroy
on x
Public markets don't lie. https://twitter.com/...
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@mdudas
Mike Dudas
on x
“Founder-CEO Adam Neumann will still control @WeWork through dual-class stock for the rest of his life, but only for the rest of his life; the previous version gave him control from beyond the grave.” ~ @matt_levine https://www.bloomberg.com/...
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@seanpmurray111
Sean P Murray
on x
How can an IPO be both “hotly anticipated” and face “tepid interest from investors”? Who, exactly, is anticipating this offering...journalists? https://www.wsj.com/...
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@samir_madani
Samir Madani
on x
-79% since initial valuation. https://twitter.com/...
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@thestalwart
Joe Weisenthal
on x
WeWork bonds are having a huge rally today as the company presses ahead with its IPO. Here's the spread to USTs https://www.bloomberg.com/... https://twitter.com/...
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@djtgallagher
Dan Gallagher
on x
WeWork looks like it's going to get its IPO out the door by any means necessary - even if it means demoting the founder's wife from her succession-pick role. Wild stuff. https://www.wsj.com/...
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@zavaindar
Zavain Dar
on x
Easy to chuckle at this clusterf*ck, but legitimately feel for the common shareholders, the “rank and file”, and entire employee base. They were promised “first floor of AWS”. Now likely almost all will be drowning underwater. https://twitter.com/...
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@reformedbroker
Downtown Josh Brown
on x
Imagine this was a public company crashing 75% in a month? You'd be like word? Really? https://twitter.com/...
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@davepell
Dave Pell
on x
WeWork has reduced its CEO's ability to rip it off so it can rip you off.
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@therealjpk
JPK
on x
WeWork IPO at $10-12 billion means poor returns for Softbank's Vision Fund which has put in close to $10 Bn. https://twitter.com/...
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@eliotwb
Eliot Brown
on x
WeWork announces some governance changes Chief among them - Reducing Adam's voting shares to 10 votes per share, from 20. ....Of course, they were increased to 20 from 10 within the past year, in advance of the IPO https://www.wsj.com/...
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@modestproposal1
Modest Proposal
on x
WeWork has made a handful of cosmetic governance changes as tho appalling governance wasn't just icing on the cake. SNAP IPO'd with essentially no shareholder rights. The concerns are about the biz. Which raises questions why the solution wasn't additional financial disclosures. …
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@nichcarlson
Nicholas Carlson
on x
Down from a private valuation of $47 billion in January https://twitter.com/...
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@ellenhuet
Ellen Huet
on x
WeWork's pushing forward with IPO 🚨🚨 Amended S-1 changes today include: — Supervoting shares (for Adam Neumann and others) are now 10 votes, not 20 — Rebekah, his wife and WeWork cofounder, no longer has role in picking his successor — they'll add independent board member https:/…