THE ASSOCIATED PRESS
September 23, 2019 at 13:50 JST
Adam Neumann, co-founder and CEO of WeWork, attends the opening bell ceremony at Nasdaq in New York on Jan. 16, 2018. (AP file photo)
NEW YORK--Some members of the WeWork board are unhappy with its leadership and plan to push WeWork CEO Adam Neumann to give up that title, according to several media reports.
The reports say the board members are connected to Japanese firm SoftBank Group, WeWork's biggest investor. The Wall Street Journal and other outlets cited anonymous sources familiar with the matter. We Co. declined to comment and SoftBank did not respond to a request for comment.
Earlier in September WeWork delayed plans for an initial public offering.
Skepticism about WeWork's business model has deepened since the company outlined its finances in paperwork related to the IPO. The company's revenue has risen sharply, reaching $1.8 billion (194 billion yen) in 2018. But its losses have mounted almost as quickly, reaching $1.6 billion last year.
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