The office space firm WeWork claims to change its corporate structure to dispel the fears of investors who have questioned its stock market debut.
The parent company, the We Company, announced that it would restrict the voting rights of founder and CEO Adam Neumann.
The move is attributable to weak demand from external investors.
WeWork had targeted a valuation of approximately $ 47 billion (£ 36 billion), but reportedly it could fall to just $ 15 billion.
SoftBank, the Japanese investment firm that owns around 30% of WeWork, has reportedly asked the property company to drop its stock market plans.
A lower rating would be a hit for the SoftBank, forcing them to write off their investment.
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We said Mr. Neumann would retain the majority, but his superior voting stock would only be worth 10 instead of 20 votes.
He is also prohibited from selling more than 10% of his shares in the second and third years after the IPO.
No member of Mr. Neumann's family will be on the board of the firm, while a successor will be elected by the board.
This applies above all to Mr. Neumann's wife Rebekah, who co-founded the company.
SoftBank CEO Masayoshi Son praised WeWork, arguing that its profitability would rise after a phase of loss-making expansion.
However, critics claim that the WeWork model could make it vulnerable during an economic downturn.
The company leases long-term office space and leases it on to more flexible rental conditions for companies and individuals. This could make it liable for rental payments if it does not find tenants.
WeWork also had questions about his complicated financial relationship with Mr. Neumann.
Last week, Mr. Neumann returned $ 5.9 million worth of stock to the company, which he had been controversial in exchange for his "We" trademark.
Since launching WeWork in New York in 2010, more than 500 sites have been established in 111 cities in 29 countries.
The growth was expensive. WeWork lost about $ 1.6 billion last year, though sales nearly doubled.