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Bengaluru/Washington/New York — WeWork owner the We Company may seek a valuation in its upcoming initial public offering (IPO) of between $10bn and $12bn, a dramatic discount to the $47bn valuation it achieved in January, people familiar with the matter said on Friday.

If the We Company were to press on with the IPO at such a low valuation, it would represent a major turning point in the venture capital industry’s growth over the past decade that has led to the rise of start-ups such as Uber Technologies, Snap and Airbnb...

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