WeWork shelves IPO for now under new leadership

WeWork

• WeWork is shelving its initial public offering after a tumultuous six weeks that saw its co-founder and CEO step down.
• The flexible office space company still plans to go public in the future, its new co-CEOs said in a Monday statement.
• For more WeWork news, click here.

WeWork is postponing its initial public offering indefinitely.

The flexible office company still plans to operate as a public company in the future, its co-CEOs said in a Monday statement.

Co-CEOs Artie Minson and Sebastian Gunningham said, "We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong. We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."

See more: WeWork's Adam Neumann is out as CEO. Here's everything we know about the drama that's been unfolding at the co-working giant.

The company capped off a tumultuous lead-up to an IPO last week, when co-founder and CEO Adam Neumann stepped down, replaced by Minson and Gunningham.

After WeWork parent The We Company filed to go public on August 14, it faced intense scrutiny of its finances and leadership from potential investors, the media, and business giants like Sam Zell.

Concerns included WeWork's path to profitability and conflicts of interest.

The company considered cutting its valuation by more than 50%, outsted Neumann, delayed its IPO on September 17, then ultimately withdrew its filing to go public on September 30.

See more: WeWork cofounders Adam and Rebekah Neumann are close friends with Ivanka Trump and Jared Kushner and invited them to Rebekah's extravagant 40th birthday bash in Italy