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WeWork has seen its valuation plunge to $8 billion under a rescue plan put forward by its largest stakeholder, SoftBank, according to a published report Monday.

The office leasing company's board is set to meet Tuesday to consider a financing plan from SoftBank to lend the cash-burning company $5 billion as well as accelerating a previously agreed investment round of $1.5 billion, The Wall Street Journal reported. 

The board is also expected to consider a separate plan from JPMorgan Chase & Co. (JPM) - Get JPMorgan Chase & Co. Report . Terms of that proposal are more expensive and complicated than the SoftBank plan, according to the report.

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WeWork, whose parent company is called We Co., is quickly burning through its remaining cash, following the failed IPO. If its proposal is accepted, SoftBank will have put more than $10 billion into the company, the report said.

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