WeWork’s plans to go public expose the danger of SPACs ...Middle East

Quartz - Economy
WeWork’s plans to go public expose the danger of SPACs
If at first you can’t IPO, SPAC, SPAC again.That appears to be WeWork’s new motto. The office-leasing company announced on Friday plans to go public via a merger with a special purpose acquisition company (SPAC) called BowX Acquisition. The news comes roughly a year and a half after its disastrous attempt at an initial public offering under since-ousted CEO Adam Neumann.A lot has changed for WeWork since its failed IPO. Its valuation has plummeted from a high of $47 billion to $9 billion. It has a new CEO (Sandeep Mathrani, a longtime real-estate executive), whose appointment in February 2020 coincided with the onset of Covid-19 and the pandemic’s subsequent hit to coworking spaces. By the e

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