Layoffs of 5,000 employees could follow, as well as the closing of ancillary businesses such as its private grade school and computer programming school.
WeWork CEO Adam Neumann is stepping down amid controversy over his role, a source with direct knowledge of the matter confirmed to NBC News. The news was first reported by The Wall Street Journal.
The news comes following a tumultuous few weeks in which WeWork postponed its IPO roadshow, and an exposé on Neumann in The Wall Street Journal revealed The company delayed its IPO after releasing its S-1 to skepticism about its corporate governance and valuation. WeWork said in a statement last week that it still plans to go public this year.
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