Softbank urges WeWork to shelve IPO as potential value plummets

Wework

SoftBank, the biggest external shareholder in WeWork, has urged the lossmaking flexible office giant to shelve its hotly anticipated New York listing after it received a cool reception from investors, according to The Financial Times.

The We Company, WeWork’s parent company, has been attempting to raise between $3bn (£2.43bn) and $4bn in its flotation. But it has faced criticism from investors and analysts on Wall Street over its governance, payments made to co-founder and chief executive Adam Neumann and its use of a complicated corporate structure.

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