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- The bankruptcy submitting caps a dramatic fall from grace for the company that was as soon as valued at $47 billion.
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Founded in 2010, the company’s business involves taking long-term leases on office buildings and promoting short-term memberships to places of work geared in direction of co-working. The company was once valued at $47bn on an funding of $12.8bn, primarily from Japanese multinational SoftBank. After the publication of its S-1 prospectus, nonetheless, analysts valued the corporate at $10bn. Trading within Business News the struggling company’s stock was halted ahead of the opening bell on the New York stock trade. WeWork, which said last week the corporate does not comment on hypothesis after the Wall Street Journal reported it was planning to file for Chapter eleven chapter safety, did not reply to a request for remark.