WeWork Files for Bankruptcy

SoftBank backed startup WeWork sought bankruptcy protection on Monday.

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The move came after no profits with expensive leases as well as cancellation by corporate clients.

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The major hammer was the work from home move by many corporations during and post COVID-19 pandemic.

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74% of company's revenue in Q2 2023 was consumed only for paying for space.

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The estimated assets and liabilities is reported as $10B-$50B.

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WeWork under Adam Neumann was once the most valuable startup in U.S. worth $47B

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