Office sharing company WeWork filed for Chapter 11 bankruptcy protection Monday.
TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, November 7.I'm J.D. Durkin, reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Separately, Uber reported weaker than expected earnings but did see an uptick in its gross bookings and active users. Investors will be watching for results from Disney, Warner Brothers, and Lyft later this week. So far, over 80 percent of companies in the S&P 500 have reported third-quarter results, and of those, 83 percent have beaten Wall Street expectations.
The embattled co-working company saw its decline after it attempted to go public back in 2019. WeWork, at the time, was worth nearly 50 billion dollars. But after a botched IPO, it nearly filed for bankruptcy weeks later. Things got even worse when the pandemic began, and people shifted to remote work. Since then, the company's stock has plummeted over 90 percent, and its value has dropped to just 45 million.
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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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WeWork files for Chapter 11 bankruptcyWeWork, the co-working real estate giant that offered office space to start-ups and individuals, announced Monday that it has filed for bankruptcy.
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WeWork files for Chapter 11 bankruptcyWeWork, the co-working real estate giant that offered office space to start-ups and individuals, announced Monday that it has filed for bankruptcy.
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WeWork files for Chapter 11 bankruptcy protectionWeWork has filed for bankruptcy protection. The office space rental company has struggled as millions more people have opted to work from home over the last few years.
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