(Bloomberg) -- Former high-flying startup WeWork Inc. filed for bankruptcy listing nearly $19 billion dollar of debts, a fresh low for the co-working company...
-- Former high-flying startup WeWork Inc. filed for bankruptcy listing nearly $19 billion dollar of debts, a fresh low for the co-working company that struggled to recover from the pandemic.AI Pioneer Kai-Fu Lee Builds $1 Billion Startup in Eight Months
While WeWork reached a sweeping debt restructuring deal in early 2023, it quickly fell into trouble again. In August, it said that there was “substantial doubt” about its ability to continue operating. Weeks later, it said it would renegotiate nearly all its leases and withdraw from “underperforming” locations.
WeWork was never a conventional business — for a substantial portion of its existence, it operated with a stated mission to “elevate the world’s consciousness.” The spiritual ethos that founder Adam Neumann and his wife, executive and co-founder Rebekah Neumann, fostered sometimes made the enterprise look more like a religion than a startup.
-- Oil edged lower as an uncertain demand outlook and fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s extension of supply cuts.
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