WeWork, the seemingly hottest thing in co-working for a few years now, had planned an IPO but is considering slashing its valuation, according to the Wall Street Journal. 

“It aims to go public while facing widespread skepticism over its business model and corporate governance, according to people familiar with the company’s listing plans and its recent talks with major investors, according to The Wall Street Journal.

“We Co. is considering putting a price tag on its initial public offering that would value the company somewhere in the $20 billion range, potentially at the low end. That is less than half of the $47 billion mark where it last raised private capital this year, making it one of the largest valuation comedowns in IPO history.”

“Some investors have questioned how We will hold up if the economy slows down, something many fear is likely in the coming year…We primarily rents long-term space, renovates it, then divides the offices and subleases them short-term to other companies. It has for years baffled landlords and startup investors with its valuation, which has been more akin to that of a software company with limited costs than an office-space provider,” according to the WSJ.