Shares of SoftBank-owned WeWork jumped nearly 9per cent as they finally started trading in New York on Thursday, capping an arduous journey to the public markets for the storied office-sharing company that was once valued as high as US$47 billion.
In 2019, when WeWork first embarked on its efforts to go public under founder and former chief executive Adam Neumann, the proposed share sale imploded spectacularly after IPO investors balked at the company's hefty losses, Neumann's management style, and WeWork's corporate governance lapses. Neumann continues to hold a sizable stake in the business, valued at nearly US$1 billion, and under the terms of his exit package from WeWork, he will be eligible to observe board meetings from next year, even though he is not a board member anymore.
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