WeWork Withdraws IPO After Tumultuous Month Marked by CEO’s Exit

WeWork Withdraws IPO After Tumultuous Month Marked by CEO’s Exit
A woman enters a WeWork office facility stands in the Financial District in New York City on Sept. 13, 2019. Drew Angerer/Getty Images
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WeWork is formally withdrawing the prospectus for its scrapped initial public offering, capping a botched effort to go public that cost its top executive his job.

“This puts an official pause on our process of becoming a public company,” Artie Minson and Sebastian Gunningham, who took over last week as co-chief executive officers of WeWork parent We Co., said in a note to staff Sept. 30. “Rest assured, WeWork will become a public company, but we can only IPO once and we want to do it right.”