WeWork formally withdraws IPO after botched fundraising effort

WeWork formally withdraws IPO after botched fundraising effort

Coffee dispensers sit on a counter in a kitchen area at the Embarcadero WeWork Cos Inc. offices in San Francisco, California, U.S., on Thursday, Oct. 19, 2017. Photographer: Mike Short/Bloomberg

WeWork formally withdrew the prospectus for its initial public offering, capping a botched fundraising effort that cost the top executive his job. The defeat places urgency on WeWork to find new sources of capital to keep the lights on.

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