SoftBank asks WeWork to shelve its IPO

SoftBank, WeWork's biggest outside investor, is urging the startup to shelve its initial public offering, sources told CNBC's Leslie Picker.

News of SoftBank's urging WeWork to put off its IPO was initially reported by the Financial Times.

The We Co., as the co-working company is formally called, had been in discussions with SoftBank and other shareholders and advisors about whether or not to move ahead with its IPO, CNBC reported on Friday. WeWork has faced criticism regarding its complicated corporate structure, its governance and payments made to CEO Adam Neumann.