WeWork shares dropped over 35% in premarket trading following reports that the company plans to file for bankruptcy. The New York-based firm, burdened by debt and losses, was once valued at $47 billion but now has a market capitalization of just $121 million.
- WeWork shares tanked over 35% in premarket trading on Wednesday after media reports that the flexible workspace provider was planning to file for bankruptcy as early as next week.
WeWork, which finally went public in 2021 at a much reduced valuation than initially expected, remains a black spot for SoftBank that sunk billions for its investors. The company decided to withhold interest payment due on Nov. 1 on senior notes due 2025, even as it has the cash to make the payment, it said on Tuesday.
Wework Bankruptcy Shares Debt Losses Valuation IPO Softbank COVID-19 Chapter 11
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