Can anyone recall the last time (if ever) that a hot IPO candidate resulted in the end removal if its founder/CEO and it bonds getting smashed.
Is this the worst IPO screw-up in history?
WEWORK BONDS DROP TO RECORD LOW, YIELD CLIMBS ABOVE 11% pic.twitter.com/PO7metjEz1
— Jim Bianco (@biancoresearch) September 30, 2019
Could WeWork bonds lead the stock market? pic.twitter.com/TvmLncMPlW
— Alastair Williamson (@StockBoardAsset) October 1, 2019
t.co/2UoOpjBtsP pic.twitter.com/aXlzBoHq0U
— Jim Bianco (@biancoresearch) September 30, 2019
How WeWork spiraled from a $47 billion valuation to talk of bankruptcy in just 6 weeks
- Just six weeks ago, the coworking giant WeWork was the US’s most valuable tech startup.
- Then it filed its S-1 registration for an initial public offering, disclosing a bevy of conflicts of interest and mismanagement by its magnetic and eccentric cofounder, Adam Neumann.
- Investors, reporters, and analysts, chastened after seeing Theranos revealed as a massive fraud and watching Uber fail to live up to the hype, didn’t let another visionary founder pull the wool over their eyes.
- Neumann’s IPO dreams crashed and burned, and now he’s been ousted as CEO and observers are wondering whether WeWork can avoid bankruptcy.
- Based on reporting from Business Insider and other news outlets, this is the story of the six weeks that almost ended WeWork.
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