WeWork withdrawing its stock market IPO filing

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FILE – In this Jan. 16, 2018 file photo, Adam Neumann, center, co-founder and CEO of WeWork, attends the opening bell ceremony at Nasdaq in New York. WeWork’s parent company is revealing more of its initial public offering plans, saying it expects to list shares on the Nasdaq. The company also announced corporate governance changes in response to market feedback, including limiting the role of the founder’s family on its board of directors.
The We Co. disclosed the information in a regulatory filing on Friday, Sept. 13, 2019. (AP Photo/Mark Lennihan, File )

NEW YORK (AP) — WeWork says it is withdrawing its initial public offering less than a week after its controversial CEO stepped aside from the troubled company.

The office-sharing company announced Monday that it will withdraw the Aug. 14 regulatory filing detailing plans for an IPO.

WeWork’s new co-chief executive officers, Artie Minson and Sebastian Gunningham, said in a statement that, “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong.”

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