An increasing number of Wall Street bankers and high-profile business people from Steve Schwarzman to Larry Ellison are concerned about WeWork’s future and are waiting for Adam Neumann’s next move with growing anxiety. First, WeWork’s parent company, We Co., finally conceded that its grandiose plans for going public would have to wait. Even Eric Rosengren, president of the Federal Reserve Bank of Boston, commented on the fallout from the We Company’s failed attempt to list, warning that the growth of the co-working sector could threaten financial stability. Snap co-founder and CEO Evan Spiegel attracted similar criticism when his company listed in 2017 and was asked what advice he had for founders taking companies public at an investor conference. He responded: “Don’t go public.” The question is whether we will see a repeat performance this time around. His long-planned appearance was rescheduled and then cancelled after WeWork postponed its IPO. Both companies declined to comment, with WeWork referring to the pre-IPO quiet period.
An increasing number of Wall Street bankers and high-profile business people from Steve Schwarzman to Larry Ellison are concerned about WeWork’s future and are waiting for Adam Neumann’s next move with growing anxiety. Even Eric Rosengren, president of the Federal Reserve Bank of Boston, commented on the fallout from the We Company’s failed attempt to list, warning that the growth of the co-working sector could threaten financial stability. Snap co-founder and CEO Evan Spiegel attracted similar criticism when his company listed in 2017 and was asked what advice he had for founders taking companies public at an investor conference. He responded: “Don’t go public.” The question is whether we will see a repeat performance this time around. His long-planned appearance was rescheduled and then cancelled after WeWork postponed its IPO. Both companies declined to comment, with WeWork referring to the pre-IPO quiet period.