WeWork plans to massively devalue itself to save the IPO

This isn't how I imagined my dream IPO... According to WSJ, WeWork is thinking about dropping its valuation in order to IPO down to $20B-$30B. That's half of where it was. The last time WeWork raised money, its valuation reached $47B. This update is just a few weeks after it officially filed its IPO paperwork (aka "the S-1"). Here's what wounded the coworking unicorn:

• What WeWork wanted: Investors to be sooo excited to own We stock that there would be overdemand, requiring an increase in the planned offer price.
• What actually happened: The opposite. Powerful investors are telling WeWork the stock is too pricey, and nobody wants to buy at that price when it goes public soon.
• The reason: Lack of transparency. The IPO paperwork WeWork issued last month didn't clarify key details about its (un)profitability. One investor called WeWork's S-1 "a masterpiece of obfuscation."
• The result: WeWork's reportedly dropping the price, basically putting its stock "on sale for 50% off" so investors can get comfortable enough to buy shares at the IPO. None of this is official yet.