Three days after withdrawing its IPO filing, the formerly high-flying start-up WeWork informs staff of deep job cuts by the end of October.
WeWork and its ilk are finding that investors in public stocks aren’t buying what works best in the private markets: high-growth, high-expense, high-minded brands. Lyft Inc., Peloton Interactive Inc. and Uber are all trading below their IPO prices. And making a show of cost-cutting may not be the formula to sell a new stock to public investors, who are looking for a growth story. Since news of theFor now, WeWork just needs to convince private investors, SoftBank in particular.
In the meantime, WeWork isn’t totally done having fun. There is an opening party for WeWork Japan in Kobe scheduled for next week and it’s planning afor a new European headquarters, billed as the largest co-working space in the world, people with knowledge of the plans said this week. About 500 employees are invited, and there will be food and drinks in the building, which has a skate ramp, retro arcade games and bed-shaped couches with blankets.
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