WeWork’s parent company may seek a valuation as low as $10 billion in its looming public debut, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said Friday. The deliberations indicate that WeWork does not feel confident that the corporate governance changes it unveiled on Friday will be enough to woo investors concerned about its lack of a path to profitability. The sources cautioned that no decision has been made and asked not to be identified because the matter is confidential. WeWork did not immediately respond to a request for comment. The We Company said Friday it has curbed the voting power of founder and CEO Adam Neumann, part of changes to its corporate governance aimed at reviving demand for its planned initial public offering. The office space sharing startup said it was making the changes “in response to market feedback” as the company considers seeking a valuation in the IPO for less than half what it was worth just nine months ago in the face of lukewarm demand. Loss-making The We Company said Neumann’s superior voting shares will decrease to 10 votes per share from 20, it said in a regulatory… Read full this story
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