WeWork Plummets to Near Bankruptcy as Valuation Plunges 99%

WeWork shares plummeted over 50% to a record low on Wednesday after reports it may file for bankruptcy next week.

The company was once valued at $47 billion but now has a market cap of just $59 million.

WeWork missed interest payments owed to bondholders on October 2.

The company released a statement in August acknowledging doubts about its ability to stay in business.

WeWork rose to a $47 billion valuation in 2019 but struggled after the pandemic emptied its shared offices.