Frances Coppola: The Sorry State Of We

The We Company has now formally withdrawn the S-1 registration for the IPO it suspended two weeks ago. The proposed equity fundraising of about $3.5bn had been widely expected to fail after being universally panned by investors and analysts. Unsurprisingly, the company decided to cancel the IPO rather than risk it falling flat.

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Adam Neumann speaks onstage during WeWork Presents Second Annual Creator Global Finals at Microsoft Theater on January 9, 2019 in Los Angeles, California. Last week, Neumann stepped down as CEO of the We Company, though he remains non-executive chairman and the largest shareholder. (Photo by Michael Kovac/Getty Images for WeWork)

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