WEWork valued at $20bn

WeWork is expected to be valued at about $20bn in its IPO, less than half the $47bn figure reached in its most recent round of funding from Japan’s SoftBank, after investors raised doubts about the ability of the lossmaking shared office provider to become profitable in the near future. The lower valuation is a blow to SoftBank, the world’s largest technology investor and WeWork’s biggest backer. The lower valuation will leave founder and CEO Adam Neumann, struggling to reach targets attached to part of his incentive package which includes several tranches of profit interests that would vest if the company attained market capitalisation above $50bn.