Expectations for WeWork continue to deflate as the New York City-based unicorn moves toward an initial public offering
millennial-friendly office-rental startup, continue to deflate as the New York City-based unicorn moves toward an initial public offering. Earlier this year, SoftBank had invested at a stunning $47 billion valuation—a mind-boggling multiple of revenue for a company that is, in effect, a glorified real estate property manager. Critics have long raised questions about WeWork’s massive, multi-billion dollar losses.
The lower price target reflects a soft market for money-losing tech unicorns, following IPO flops for Lyft and Uber earlier this year. It also reflects concerns that are specific to Neumann, WeWork’s charismatic co-founder and CEO. Among the red flags was the revelation that Neumann, in addition to borrowing money against his shares to buy properties that he leased back to WeWork, had also licensed the “We” trademark back to his own company for a stunning $5.9 million.
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