Office sharing startup WeWork slashes valuation target

WeWork has slashed by more than half its valuation target after setting an ambitious goal for the fast-growing office-sharing startup, sources familiar with the company said Thursday. WeWork parent We company is eyeing a target market value of around $20 billion after hearing doubts about its prospects from potential investors over a USD 47 billion valuations, the sources said.

The startup launched in 2010 touts itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.