WeWork Shares Plunge as Company Reportedly Plans Bankruptcy Filing

WeWork shares sink over 35% in premarket trading on reports it is planning to file for bankruptcy as early as next week.

The New York-based company was once valued at $47 billion but now has a market cap of just $121 million.

WeWork went public in 2021 at a much lower valuation than expected.

The company remains a disappointment for investor SoftBank, which sunk billions into it.

WeWork is considering filing Chapter 11 in New Jersey.