We Work fashioned themselves to be a $47 billion company at the beginning of their IPO roadshow. The market told them to fuck off and signed a value of ~$10-15 billion. Even at that depressed -78% level, no one wanted it. Lo and behold, they announced yesterday their IPO was going to be delayed, to maybe October.
Reason being:
The CEO didn’t want to come public during the jewish holidays.
We is now expected to wait until mid-October at the earliest to start its investor roadshow following the conclusion of the Jewish High Holidays, which Mr. Neumann observes.
The delay could also last longer and some existing investors, including SoftBank, have pushed the company to wait until next year to launch its IPO, The Wall Street Journal has reported.
Who the fuck do they think they’re kidding?
In other news, Saudi oil production, which was supposed to come online right away, might take months to resume.
Reuters:
Saudi Aramco’s full return to normal oil production volumes “may take months”, two sources briefed on the company’s operations said on Monday, after attacks on Saudi oil plants knocked out more than half of the country’s output.
“It is still bad,” one source said.
On Sunday, an industry source briefed on the developments told Reuters that Saudi Arabia’s oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, but that Aramco may have to cut exports later if the outage in output continued for long.
Futures are flat.
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Man, I thought you were joking with that headline.
So Sepetember is out for WeWork’s IPO?
Future headlines:
1) WeWork respects all religion, including pagan ones, so will not have their IPO during the month of October due to the Halloween Festival.
2) WeWork is very family oriented and doesn’t want to interefere with Thanskgiving.
3) Of course December has Christmas and Hannuka.
4) WeWork beleives in equality among races and doesn’t want to interfere with MLK Day.
5) WeWork wants to emphasize that their employees are free to love anyone they want and should be free to celebrate Valentine’s Day without distractions of an IPO
6) We Work has a lot of Irish employees that hold St Patrick’s day in specail esteem.
7) “WeWork will hold our IPO on April 1.” “Just kidding!”
8) What, you don’t love your mother?
9) …or your father?
10) …or your country?
11) Given WeWork’s Executive Team, it should be obvious that August is a particularly busy time for WeWork (https://en.wikipedia.org/wiki/International_Clown_Week)
However, all months outside the above will be in full consideration for WeWork’s IPO.
Morons making money, again.