WeWork Plunges Toward Bankruptcy After Failed IPO and Mounting Losses

WeWork's shares plunged 37% in pre-market trading following bankruptcy reports.

The company is considering filing for Chapter 11 bankruptcy as early as next week due to mounting losses.

WeWork agreed to extend a grace period on making interest payments on some debt.

A bankruptcy would be a major blow to SoftBank, which has invested billions into the startup.

WeWork struggled to recover from a failed IPO attempt in 2019 and continues to burn through cash.