According to sources familiar with the matter at hand, office sharing startup WeWork lost $3.2 billion in 2020; this was disclosed during a presentation shown to prospective investors as part of a pitch for $1 billion in investment and a stock market listing.

Losses have narrowed slight from $3.5 billion in 2019. The startup plans to go public at a valuation of $9 billion including debt through a merger with a special purpose acquisition company (SPAC), said a source directly briefed on the presentation which was sent out to existing and potential new investors.

According to a report from the Financial Times, WeWork is in talks with BowX Acquisition Corp, a blank-check company that raised $420 million in August.

WeWork declined to comment on the report.

WeWork has forecast occupancy to rebound to 90% by the end of 2022, up from 47% at the end of last year when the COVID-19 pandemic shut its co-working spaces around the world.

The company expects adjusted earnings before interest, taxes, depreciation and amortization of $485 million in 2022, said the report.

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