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WeWork Goes From Hot to Not as Dream Value Plunges $45 Billion

  • IPO valuation for office-sharing company drops to $20 billion
  • Goldman Sachs had projected worth of $65 billion after trading
Members sit at the WeWork co-working space in Tokyo.
Photographer: Keith Bedford/Bloomberg

The pitch was beguiling: WeWork could soon become a $65 billion company.

That’s what Goldman Sachs Group Inc. bankers were saying only earlier this year. Banks up and down Wall Street were salivating at the prospect of steering the hipster office-sharing company onto the stock market. Never mind that it was losing billions.