NEW YORK CITY—In the past month, co-working giant WeWork made several efforts to address longstanding concerns about inflated valuations, lack of profitability, and its CEO’s authoritarian governance structure.

Have the moves to woo investors just weeks before its initial public offering on the Nasdaq Stock Exchange come a little too late? Some skeptics say so.

In the latest news development, sources close to the matter said it is considering a valuation between $10 and $12 billion for its initial public offering, a wide gap from the $47 billion valuation it boasted nine months ago on the private markets. Skeptics find the dip reveals a façade many start-ups present to investors about potential cash flows.

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