WeWork is considering reducing the power of CEO Adam Neumann and his wife, Rebekah Neumann, in an effort to get the first offer back on track, The Financial Times reported Thursday.
Neumann dominates the company, in part thanks to having a special share that gives him 20 votes per share. The company's investors, advisors and executives are considering whether to reduce their voting power, among other possible reforms of the company's management, according to The Financial Times.
Under WeWork's articles of association, Rebekah Neumann is one of three people who would decide on her husband's successor if he were to die or become incapacitated within 10 years of the company's IPO. One of the other changes the real estate giant is discussing is whether she wants to remove her from that role, The Financial Times reported.
Company representatives did not immediately respond to an email from Business Insider seeking comment.
WeWork has struggled to line up potential investors for the planned public offering. Neumann's control of the company and a number of transactions involving him or his relatives have raised eyebrows. Investors and analysts have also raised concerns about the company's valuation and financial stability.
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In its last private funding round in January, WeWork was valued at $ 47 billion dollars. But it is now considering publishing a market value of as little as $ 15 billion, according to The Financial Times.
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