WeWork Fails
From $47 billion to largely zero - capitalism giveth and taketh!
WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court. The chaper 11 bankruptcy announcement caps a stunning downfall for the once-high-flying, SoftBank-backed venture, which was privately valued at some $47 billion at its peak.
“Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” said David Tolley, WeWork CEO, in a news release. “We remain committed to investing in our products, services, and world-class team of employees to support our community.”
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