2019-09-13 — cnbc.com
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.
"Stop the WeWork deal," Cramer said on "Squawk Box." "We don't want that deal. I just wish they would go away."
"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 was hearing the valuation could be $15 billion or lower.
It's fascinating and telling that Cramer is mostly interested in the effect on the wider market -- the level of anxiety about keeping the market propped up at all costs has reached a fever pitch.
Comments: Be the first to add a comment