NEW YORK: WeWork has slashed its valuation target by more than half after setting an ambitious goal for the fast-growing office-sharing startup, sources familiar with the company said Thursday.

WeWork's parent The We Company is eyeing a target market value of around $20 billion for its stock offering expected this month after hearing doubts about its prospects from potential investors over a $47 billion valuation, according to sources who asked to remain anonymous.

The New York-based startup that 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.

The company lost $1.9 billion last year with revenues of $1.8 billion.

WeWork has ventured into new areas like residential apartments and education, and tells investors they should see its quarterly losses as investments.

But certain moves by co-founder Adam Neumann, such as personally investing in real estate before renting it back to WeWork, have also caused consternation.

The co-working company, which calls itself a pioneer in the "space-as-a-service" business, provides office space decorated with bright colors and industrial themes, offering free coffee, e-supplies and utilities. —AFP