WeWork Plunges as ‘Disruptive’ CEO Change Prompts Downgrade
- Mizuho now sees base case assumptions as unachievable
- Shares trade at new lows with the stock down 82% this year
WeWork shares we down as much as 20% on Wednesday.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
WeWork shares slumped 25% to an all-time low Wednesday after an abrupt CEO change prompted analysts at Mizuho to downgrade the co-working real estate company to neutral from buy.
WeWork announced late Tuesday David Tolley will be appointed interim chief executive May 26, with the current CEO and Chairman Sandeep Mathrani stepping down after three years in the role following the departure of WeWork’s controversial founder Adam Neumann.