WeWork wants investors to think of it as a tech company. These 5 slides illustrate how its numbers tell a different story.

WeWork pitched itself as a tech firm in the initial public offering documents it released Wednesday. Investors tend to pay a premium for tech companies. But WeWork’s revenues, expenses, cash flow, and assets show that it’s not really a tech firm. Instead, they show it’s clearly a real-estate company. Read more WeWork stories here.

WeWork would like potential investors to think of it as a tech firm.

But its numbers tell a different story.

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