WeWork Facing Bankruptcy as Demand Plummets and Losses Mount

WeWork is reportedly on the verge of filing for bankruptcy in New Jersey.

WeWork has faced declining demand for its coworking spaces over time, exacerbated by the COVID pandemic.

WeWork missed interest payments to bondholders earlier this month.

WeWork reported a $397 million net loss in Q2 2022 amid softening demand and increased competition.

WeWork's stock price plummeted after-hours, reaching a new 52-week low and giving it a market cap of just $121 million.