Neumann To Step Down As WeWork Considers Mass Layoffs

After a whirlwind few weeks during which he cancelled a long-expected IPO after media reports suggested that equity market investors believed WeWork’s valuation to be closer top $10 billion than the Soft Bank-backed $47 billion announced earlier this year, WeWork’s “charismatic” but “unorthodox” CEO Adam Neumann is reportedly stepping down from the CEO role. This follows earlier reports that said he was considering it.

Also, the Information reported earlier this afternoon that WeWork’s bankers discussed ways to cut costs with the company, which centered around layoffs of as many as 5,000 employees one-third of CEOs.

Neumann will remain chairman of the We Company.