WeWork goes from hot to not as dream value plunges $45 billion

IPO valuation for office-sharing company drops to $20 billion

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.

Now, with questions swirling around WeWork’s business prospects, the hype has run headlong into reality. By Thursday, Wall Street was putting a new value on WeWork: as low as $20 billion. Maybe. And that’s if the company even manages to go public in the months ahead.

Reports surfaced that