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SEC investigates failed WeWork IPO

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The American stock market watchdog SEC investigates whether the WeWork office space provider has violated the rules in the run-up to his canceled IPO. The Bloomberg news agency reports this based on insiders.

The regulator would be particularly interested in recent media reports about potential conflicts of interest and aggressive practices to raise funding at WeWork. According to the sources, this is a preliminary investigation. There would not have been an accusation. The company itself and SEC do not comment.

Until a few months ago, WeWork was known as a growth brilliant. When the company pursued an IPO, investors discovered that the company had no clear path to profitability. The value of WeWork was initially estimated at about $ 47 billion in the event of an IPO. That was after all sorts of corpses came out of the cupboard only about 8 billion dollars.

Adam Neumann, the CEO, was also discredited because, among other things, he gave his family important positions and bought real estate with his own company, which he then sold on to WeWork. Neumann has now had to leave the field.

Recently, there were media reports that WeWork is now trying to entice T-Mobile USA CEO John Legere to join the company. Legere does not seem to be interested in the post, according to news channel CNBC on Friday. There would still be talk with other candidates.


Written by: Patrick O'Brien

Patrick O'Brien is a student who is taking only the first steps in journalism. The main interest is events from the world of macroeconomics and finance.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

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