Saying “too much focus has been placed on me,” Adam Neumann has agreed to step down as CEO and give up majority control of the company. Tuesday’s announcement came shortly after the workspace startup company — whose $47 billion valuation was reportedly slashed more than 50 percent — delayed its initial public offering, thanks to investor concerns over corporate governance and profitability. The 40-year-old has also come under scrutiny for his hard-partying lifestyle.
What’s next? Besides potentially laying off staff, WeWork is said to be paring down its expansion to save money.