WeWork's scrapped IPO (2019)
WeWork pulled its IPO in September 2019 after investors balked at a proposed $47 billion valuation for a money-losing office space company led by founder Adam Neumann. Its debt-heavy model, governance problems and founder control repelled buyers.
WeWork later went public via a SPAC at a fraction of the valuation, then filed for bankruptcy in November 2023.
The episode became a benchmark for overvalued, founder-driven tech listings meeting market skepticism.
Like Firmus, WeWork sought a huge valuation for a business whose profits were years away and whose expansion depended on continuous financing. Its collapse showed how quickly investor enthusiasm can reverse when valuations outrun fundamentals.
