WeWork IPO, stillborn
- Thread starter Pekelo
- Start date
You have to wonder who would be stupid enough to give this psychopath more money? I watched the WeWork (2021) documentary on Hulu and Neumann & his wife come off looking like crazy cult leaders.
He is buying up real estate in the South, like 3000 of them.
Hey, they lasted about 3 years!:
https://www.reuters.com/business/we...-imminent-plans-bankruptcy-filing-2023-11-01/
"Nov 1 (Reuters) - WeWork shares (WE.N) tanked over 35% in premarket trading on Wednesday after media reports that the flexible workspace provider was planning to file for bankruptcy as early as next week.
The New York-based firm, struggling with a heavy debt load and hefty losses for a few years now, was once privately valued at $47 billion and now has a market capitalization of just about $121 million.
The bankruptcy filing would follow a series of troubles for the SoftBank-backed company since its IPO plans imploded in 2019 on skepticism over its business model of taking long-term leases and renting them for short term.
WeWork, which finally went public in 2021 at a much reduced valuation than initially expected, remains a black spot for SoftBank that sunk billions for its investors.
WeWork is mulling over filing a Chapter 11 petition in New Jersey, the WSJ first reported on Tuesday.
The company decided to withhold interest payment due on Nov. 1 on senior notes due 2025, even as it has the cash to make the payment, it said on Tuesday.
The stock was last trading at $1.45 before the opening bell, after losing about 96% of its value this year."
https://www.reuters.com/business/we...-imminent-plans-bankruptcy-filing-2023-11-01/
"Nov 1 (Reuters) - WeWork shares (WE.N) tanked over 35% in premarket trading on Wednesday after media reports that the flexible workspace provider was planning to file for bankruptcy as early as next week.
The New York-based firm, struggling with a heavy debt load and hefty losses for a few years now, was once privately valued at $47 billion and now has a market capitalization of just about $121 million.
The bankruptcy filing would follow a series of troubles for the SoftBank-backed company since its IPO plans imploded in 2019 on skepticism over its business model of taking long-term leases and renting them for short term.
WeWork, which finally went public in 2021 at a much reduced valuation than initially expected, remains a black spot for SoftBank that sunk billions for its investors.
WeWork is mulling over filing a Chapter 11 petition in New Jersey, the WSJ first reported on Tuesday.
The company decided to withhold interest payment due on Nov. 1 on senior notes due 2025, even as it has the cash to make the payment, it said on Tuesday.
The stock was last trading at $1.45 before the opening bell, after losing about 96% of its value this year."
They are bankrupt as of tonight.