WeWork seeking IPO valuation as low as $10 billion -source

The ax continues to chip away at the planned WeWork initial public offering.

Sources told Reuters Friday WeWork's parent We Company is now seeking an IPO that would value the office sharing start-up at just $10 billion to $12 billion....that's way below the $47 billion valuation the company had in the private market as late as January.

This IPO has been struggling to come to market due to concerns about a too-cozy relationship between founder and company.

Management has been trying to address those concerns to shore up investor interest.

The latest changes came on Friday.

The company announced it has curbed the voting power of founder CEO Adam Neumann. His super voting rights have been cut in half to just 10 votes per share, instead of 20 votes per share.

Neumann, however, will remain the company's controlling shareholder.

Also part of the corporate governance changes: Members of his family can't be on the board of directors and his wife and co-founder will no longer have any say so in picking a future successor.

This is on top of previous steps taken, which include the addition of a woman to an all-male board and an announcement the founder will give back a $6 million payment he received for use of the trademarked word "We."

Despite all the turbulence, the IPO appears to be going ahead.

WeWork revealed Friday it plans to list on the Nasdaq Stock Exchange.

A stock market debut is planned for later this month.