WeWork calls off IPO

The We Company, parent of workspace-sharing firm WeWork, announced Monday that it will withdraw its initial public offering (IPO), a week after founder Andrew Neumann was removed as CEO.

“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” WeWork’s newly appointed co-CEOs Artie Minson and Sebastian Gunningham said in a statement.

“We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” they wrote.

The company had already delayed the scheduled IPO earlier this month following internal turmoil.