Sign up to receive 5 free days of our daily summary for tech news.

Special Offer: Try out The Information today for only $10/month for your first 3 months.
Markets Real Estate

WeWork May Cut CEO’s Power Ahead of IPO

WeWork is considering more changes to keep its IPO alive. 

Company executives, investors and advisors have discussed cutting co-founder and CEO Adam Neumann’s voting power and removing his wife, Rebekah, from a role that would allow her to help handpick Neumann’s successor if he were to die, the Financial Times reported.

The moves, which may not happen, would follow other changes made under investor pressure after the company revealed its finances in a regulatory filing last month ahead of a planned IPO later this year. It added a woman to its previously all-male board, and Neumann returned a $5.9 million payment he received from the company for the rights to use the “We” trademark.

Of course, even if Neumann signs off on these latest reported changes, it won’t erase the company’s huge losses or reveal an easy path to near-term profitability, which are likely the biggest issues investors have with the real estate startup.

Related

0 Subscriber comments


Sign up for our weekly newsletter and 5 complimentary days of our daily tech news roundup.

Already a subscriber? Log in here