WeWork, once most valuable US startup at $47B, succumbs to bankruptcy

Posted on AllSides November 7th, 2023
From The Right
REUTERS

WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.

The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy.

Profitability has remained elusive as WeWork grapples with its expensive leases and corporate clients canceling because some employees work...

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https://nypost.com/2023/11/06/business/wework-once-most-valuable-us-startup-at-47b-succumbs-to-bankruptcy/

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