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WeWork’s Cash Clock Is Running Down Quickly

  • With IPO postponed, new executives also looking to cut costs
  • ‘Market is highly skeptical of this company,’ investor says
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WeWork IPO in Question After Adam Neumann Steps Down as CEO

WeWork has only enough cash to last to maybe next spring. It’s losing millions of dollars a day. It may be shut out of the public stock and bond markets to raise new money.

That’s the grim situation confronting the office-sharing company days after a corporate upheaval that left its once-glittering plans shattered. Adam Neumann, who founded the company nine years ago with a promise to change the world, was ousted as CEO. WeWork’s initial public offering, intended to raise urgently needed financing, was called off, until at least next year. And that, in turn, unraveled a $6 billion financing package.