Company was valued at $47 billion in 2019
Office-sharing company WeWork Inc. filed for chapter 11 bankruptcy protection in New Jersey on Monday, after a decade of financial turmoil and four years since it was valued at $47 billion valuation.
At its peak, the company accumulated a nearly $50 billion pile of lease obligations, with a 15-year average life. It has yet to become a consistently profitable business. But the bankruptcy filing of WeWork comes as the value of office buildings, and lease, have rarely been tougher to discern. A few months after Neumann’s exit came the onset of the pandemic. It triggered remote work that emptied out downtowns in many big cities and quickly overhauled how many people spend their workday.
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WeWork, once valued at $47 billion, files for bankruptcyOffice-sharing company WeWork filed for Chapter 11 bankruptcy protection in federal court Monday.
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WeWork, once valued at $47 billion, files for bankruptcyOffice-sharing company WeWork filed for Chapter 11 bankruptcy protection in federal court Monday.
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Trading in WeWork halted as rumors swirl about the ability of the office sharing company to go onTrading in shares of WeWork has been halted as rumors swirl that the office sharing company, once valued as high as $47 billion, will seek bankruptcy protection.
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Trading in WeWork halted as rumors swirl about the ability of the office sharing company to go onTrading in shares of WeWork has been halted as rumors swirl that the office sharing company, once valued as high as $47 billion, will seek bankruptcy protection.
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WeWork stock still halted for news, with no release or comment from the companyTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcyAdam Neumann likely remains a wealthy man despite the collapse of WeWork, which was once the most valuable startup in the United States.
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