Two unusual moves by the parent of WeWork before its initial public offering. Sources tell Reuters the We Company will host an analyst day to educate the Wall Street banks about the company's business even though it has yet to hire underwriters for its offering. That indicates the shared office start-up is leaving nothing to chance at a time when some high-profile IPOs sporting huge valuations like Uber and Lyft have struggled or others have shelved or scrapped IPOs.
A WeWork spokesman declined to comment.
Separately, the Wall Street Journal reports WeWork's co-founder Adam Neumann has cashed out more than $700 million from the company ahead of its public debut. Such early moves often lead investors to question the degree of confidence founders have in the companies they built. But the Journal reports people close to Neumann point out he has also borrowed against some of his WeWork shares, and that they say, shows he's bullish about the company's long-term prospects.