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More than two years after its failed IPO, WeWork began trading publicly on the New York Stock Exchange on Thursday, with shares up about 8% after merging with a special purpose acquisition company.
The office-leasing company scrapped plans for an IPO in 2019 after investors raised concerns over its business model and corporate governance and its founder and then-CEO Adam Neumann.
Plans for the merger with BowX Acquisition Corp. were first announced in March, in a deal that reportedly valued the company at roughly $9 billion.
The valuation is a sharp drop from 2019, when WeWork was initially valued at a steep $47 billion by SoftBank Group. Its valuation slowly lowered as news of the company's finances unraveled and investor demand wained.