WeWork owner The We Company may seek a valuation in its upcoming initial public ...
- WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.
It would mean that the We Company would be valued less than the $12.8 billion in equity it has raised since it was founded in 2010, according to data provider Crunchbase. And it would represent a major blow to its biggest backer, Japan’s SoftBank Group Corp, at a time it is trying to amass $108 billion from investors for its second Vision Fund.
The We Company’s deliberations indicate it does not feel confident that the corporate governance changes it unveiled on Friday, slightly loosening CEO and co-founder Adam Neumann’s grip on the company, will be enough to woo investors concerned about its lack of a path to profitability. The office space sharing start-up said it was making the changes “in response to market feedback.” It said Neumann’s superior voting shares will decrease to 10 votes per share from 20, though he will still retain majority control of the company.
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