We's new S-1: These aren't the droids you're looking for
We filed a new S-1 today addressing only the most outrageous aspects of its voting and governance structure. For example, the founder's stock will only carry 10 votes per share instead of 20.
By giving up these features it reveals just how arbitrary and greedy it was to have them there in the first place.
But what We didn't do was provide any more transparency into its business so we are not one number closer to understanding the future profitability of this company.
Maybe investors will be placated by these 11th-hour concessions.
But possibly it's too late for investors to be so easily bought off if they are now focused on the fact that the equity proposition of We may not make any fundamental sense at all.
While We is writing S-1 amendments, perhaps they could write one that gives investors details of the historical unit economics, instead of simply undoing over-reaching outrages that shouldn't have been done in the first place.