Brief by Shorts91 Newsdesk / 07:25am on 07 Nov 2023,Tuesday Business
WeWork filed for bankruptcy in the US today as the office rental company continues to struggle amidst Covid-19's economic fallout and its failed 2019 IPO. This comes just months after CEO David Tolley had remarked in a September letter that WeWork is "here to stay" and would renegotiate leases worldwide. His comments vowing the firm's continuance have now gone viral as WeWork pursues Chapter 11 bankruptcy. Since its botched IPO in 2019 and founder Adam Neumann's exit, WeWork has seen declining operations. Its principal owner SoftBank invested billions trying to save WeWork before taking it public via a SPAC in 2021. But the company has been unable to recover from its steep valuation drop from $47 billion during its heyday. (Image Courtesy: ANI)
