WeWork Shares Plunge as Company Reportedly Plans Bankruptcy Filing
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WeWork shares sink over 35% in premarket trading on reports it is planning to file for bankruptcy as early as next week.
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The New York-based company was once valued at $47 billion but now has a market cap of just $121 million.
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WeWork went public in 2021 at a much lower valuation than expected.
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The company remains a disappointment for investor SoftBank, which sunk billions into it.
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WeWork is considering filing Chapter 11 in New Jersey.
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