WeWork should pull its IPO because the negative sentiment around slashing its valuation could be contagious in the overall stock market, says CNBC's Jim Cramer.
said on Friday that WeWork should pull its embattled initial public offering because the negative sentiment around slashing its valuation could be contagious in the overall stock market."We don't want that deal. I just wish they would go away."
Despite a number of a setbacks, including a dramatic cut in its valuation, the office-sharing start up said it's full speed ahead, with sources telling CNBC the IPO roadshow could kick off as soon as Monday. "I don't want WeWork at any price," Cramer said. "There are certain deals that can come and they can just really take the air out of any market."
WeWork's plans to move forward despite the reported advice from its major investor SoftBank, which will likely face a multibillion dollar write down if the company debuts at a valuation between $15 billion and $20 billion. SoftBank invested $2 billion in WeWork in January at a valuation of $47 billion. On Friday, CNBC's David Faber"Why can't they just say, 'Hey, we're awful and we're going to wait until we're good again,'" Cramer said.
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