wework

The co-working space has been plagued by concerns over its CEO's controversial style and control of the company. Adam Neumann has said his mission as WeWork's chief executive is to elevate the world's consciousness. Members of his board are now discussing a plan to elevate someone else to run the company and salvage its troubled initial public offering. The board plans to meet on Monday, people familiar with the situation said. There, some directors are expected to raise the prospect of Neumann stepping down as CEO and becoming non-executive chairman, said the people, who asked not to be identified because the discussions are private. With the drama of a palace coup, Neumann has found himself at odds with WeWork's largest investor, SoftBank Group...

Outlook for the shared workspace company is cooling, after disappointing offerings this year from Lyft and Uber. WeWork's initial public offering won't be quite the celebration the office-rental unicorn once foresaw. The New York-based startup is considering seeking a valuation of about $20 billion to $30 billion in the IPO, people with knowledge of the matter said. The range could end up closer to $20 billion, said one of the people, which would be less than half the valuation it secured from its biggest backer just a few months ago. The outlook for the public debut of WeWork, which has racked up billions of dollars in losses in recent years as the company funds grand ambitions, is cooling after the disappointments of other major IPOs this year ...

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Pressure mounts on WeWork CEO Adam Neumann as board weighs coup

WeWork considers slashing IPO valuation for stock market debut