Why WeWork’s IPO struggles have tanked its valuation

• WeWork CEO Adam Neumann is stepping down and will be replaced by two current execs, Sebastian Gunningham and Artie Minson, as permanent co-CEOs.
• The company delayed its hotly anticipated IPO after investors questioned its valuation, business model, and Neumann’s role in the company.
• The co-working company was valued as high as $47 billion, though many don’t agree with that number.
• WeWork has tried to justify its valuation by saying it’s a tech company, but most investors think it’s a real estate company. At its core, WeWork is a landlord.
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EDITOR’S NOTE: This video was originally published on September 20, 2019.