WeWork withdrawing its stock market IPO filing

NEW YORK — WeWork says it is withdrawing its initial public offering less than a week after its controversial CEO stepped aside from the troubled company.

The office-sharing company announced Monday that it will withdraw the Aug. 14 regulatory filing detailing plans for an IPO.

WeWork’s new co-chief executive officers, Artie Minson and Sebastian Gunningham, said in a statement that, “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong.”

The Associated Press