Sources have revealed that WeWork’s biggest backer, SoftBank, is asking the company to shelve its initial public offering.
Reports found that the company had been in talks with SoftBank and other shareholders about whether to move forward with the IPO after it faced wide criticism due to its financial losses and corporate structure.
Still, WeWork is weighing out whether investors would be interested in an IPO valuation between $15 billion and $20 billion, opposed to its original massive $47 billion.
If WeWork does hit the brakes on the IPO, SoftBank may be able to come up with another funding plan for the company.
This news follows reports that SoftBank is seeking funds from investors for a Vision Fund 2.
SoftBank is known for their massive investments, having burned through much of the $100 billion raised by its first Vision Fund in two years.
