Battered WeWork Stock Loses Almost Half Its Value in One Day
November 1, 2023

WeWork’s shares lost nearly half of their value in one day after a report that the flexible office space provider may file for bankruptcy and as failed interest payments prompted some lenders, including majority shareholder SoftBank, to provide a seven-day extension.

The New York-based company’s shares slumped more than 46% to close at $1.22 Wednesday, just two months after it completed a 1-for-40 reverse stock split to bring its stock well above $1 to prevent it from being delisted.

The high-profile company went public in October 2021 after corporate governance concerns led to a failed initial public offering attempt in 2019 and the ouster of co-founder and CEO Adam Neumann, a period in which its valuation tumbled to $9 billion from a $47 billion valuation by SoftBank. WeWork had gained attention in the decade after its founding in 2010, drawing attention to the business of providing coworking space.

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