WeWork’s stock fell by over 50% to a record low on rumors of an impending bankruptcy filing. The provider of flexible workspace, formerly valued at $47 billion, is currently only worth $121 million on the market. WeWork’s financial difficulties, which include high debt and losses, have not improved since its IPO aspirations collapsed in 2019.
Even after going public in 2021, the business continues to provide a financial hardship for SoftBank, its investor. According to reports, WeWork is thinking about filing for Chapter 11 in New Jersey. The firm may have gone bankrupt if it hadn’t decided to pay the interest that was due on November 1. The stock has now dropped 96% on the year to a record low of $1.18.