Four years ago, WeWork was preparing for a blockbuster IPO. Now the company is warning of possible bankruptcy, citing 'losses and negative cash flows from operating activities.'
Aug. 9, 2023, 2:02 PM UTCFour years ago, WeWork was preparing for a blockbuster IPO. Now the company is warning of possible bankruptcy.
has been years in the making, but is still surprising given the number of large commercial buildings around the world that don the company’s name. The combination of the Covid pandemic, which led many businesses to exit their leases in favor of remote work, and the subsequent economic slump, has left WeWork heavy on debt and struggling to generate cash.
WeWork’s stock has been trading below $1 since mid-March. It tumbled 26% to 15 cents in extended trading on Tuesday and now has a market cap below $500 million.
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