WeWork rival’s CEO sells US$87M of shares to pay bank loan
BNN Bloomberg
IWG Plc Chief Executive Officer Mark Dixon sold more than 10% of his stake in the world’s biggest operator of serviced offices to pay off a personal loan, sending the stock to its biggest decline in almost two years.
Dixon sold 35 million shares in the WeWork rival for £68.5 million (US$87 million) to unwind a share pledge arrangement he finalized less than six months ago to secure undisclosed borrowings from Deutsche Bank AG, according to a regulatory filing Wednesday.
International Workplace Group’s shares fell as much as 11 per cent Wednesday in London, the most intraday since August 2022.
A Deutsche Bank spokeswoman declined to comment, while a representative for Dixon didn’t immediately respond to a request for comment. A British native, Dixon still owns a stake worth more than $600 million in the company he founded more than three decades ago.
