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WeWork Analyst Warns IPO Filing a ‘Masterpiece of Obfuscation’

  • Triton Research’s obfuscation index ranks WeWork at high level
  • Method of expensing costs raises questions, analyst says
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WeWork IPO a 'Masterpiece of Obfuscation,' Says Triton Research CEO

WeWork’s IPO prospectus lacks the information needed to create a financial model of the company, according to an analyst who specializes in new listings.

The We Co., which is expected to raise about $3.5 billion in what would be 2019’s second-biggest initial public offering, must have put in a great effort to conceal the unit economics underlying the coworking space provider, said Triton Research Inc. Chief Executive Officer Rett Wallace.