It's unlikely that WeWork will be made public this year – and thousands of layoffs could take place

It is unlikely that WeWork besieged becomes public this year after a catastrophic month after the replacement of its CEO this week by the company.

Sources told the Wall Street Journal that the collaborating company would not likely list its shares this year as originally planned. WeWork originally filed its IPOs in August, marking the start of a rapid fall in the company, previously valued at $ 47 billion in the private sector, looking for a "big deal". a public valuation not exceeding $ 10 billion.

Since the publication of its IPO documents, the company's huge losses and the dubious business dealings of its CEO, Adam Neumann, with his use of drugs and alcohol and his conflicts of interest have been scrutiny. WeWork made some changes to try to fix its IPO, but the company announced earlier this month that it was delaying its IPO, but it still expected its shares to be quoted from here. the end of the year. On Tuesday, Neumann declared that he had become a "significant distraction" from WeWork's IPO projects, and announced that he was retiring from his CEO position in the "best interest" of the society.

More: WeWork has had a terrible month and CEO Adam Neumann is stepping down – here's what has happened since the company in crisis decided to go public

The Wall Street Journal report details the last days of Neumann at the helm of WeWork. Some members of the company's board of directors have attempted to overthrow Neumann, but the co-founder of WeWork has received support from many of them "from Friday through to the weekend," according to the Journal. However, on Sunday, some of Neumann's biggest board allies reportedly told him they were pushing for his departure, echoing the concerns of SoftBank, the Japanese firm that has poured billions of dollars into WeWork.

The two current WeWork executives who will replace Neumann as co-CEOs: Sebastian Gunningham and Artie Minson. The Review reports that the two CEOs plan to "lay thousands off" at WeWork to reduce costs before the IPO. WeWork declined to comment.

In an email sent Tuesday to staff, the co-CEOs announced that they would "look closely at all aspects" of the company and that they expect "difficult decisions to be made."