WeWork has declared bankruptcy, as the coworking office space company’s value has plummeted from $47 billion in early 2019 to less than $45 million.
Co-working office space provider WeWork has filed for bankruptcy covering its locations in the US and Canada, and in a filing, it said it had liabilities of between $10 and $50 billion. It’s the latest turn for a company that went from being valued at $47 billion in January 2019 to unsuccessfully attempting an IPO later that year. Investors were unimpressed with a company that counted its founder and CEO, Adam Neumann, as a significant risk factor.
Its fall was eventually captured in both a documentary for Hulu, WeWork: Or the Making and Breaking of a $47 Billion Unicorn, and the podcast-turned-TV show for Apple TV, WeCrashed. The company eventually went public in 2021 via a special-purpose acquisition company , and after struggling with increasing debts and hefty losses ever since, it lost almost 98 percent of its stock valuation in the last year and shares were trading at 83 cents before a halt early Monday.
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