WeWork: Shares plunge after reports say firm is filing for bankruptcy
Written by jordanadmin on November 1, 2023
WeWork, a troubled office-sharing firm, has seen its shares plunge by over 50% in early trade in New York, following reports it could file for bankruptcy as early as next week.
The company, once seen as the future of the office, has been plagued by problems, including a disastrous attempt in 2019 to sell shares to the public and the exit of its co-founder.
WeWork is considering filing for bankruptcy in New Jersey, according to the Wall Street Journal and Reuters news agency. The company has been struggling since its initial attempt to sell shares on the stock market collapsed in 2019 due to concerns about its debts, losses, and management. The company finally listed on the New York Stock Exchange in 2021 with a much lower valuation.
The Japanese conglomerate SoftBank has pumped tens of billions of dollars into WeWork as it continues to lose money.