WeWork = Did Not Work!
By Staff Reporters
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WeWork, the coworking company just filed for Chapter 11 bankruptcy protection in New Jersey after years of struggles that began with a failed IPO in 2019. It aborted the IPO after investors got a look at its finances and just how much power WeWork’s eccentric founder Adam Neumann possessed.
CITE: https://www.r2library.com/Resource
WeWork (which eventually went public via SPAC) has suffered from having signed on to very expensive leases in its pre-IPO rush to grow.
SPAC: https://medicalexecutivepost.com/2022/06/13/spac-v-direct-listing-v-ipo/
In 2019, the company was valued at $47 billion, but it has since fallen steadily, and this year, its stock has plunged by 98%, giving it a ~$45 million value as of last week.
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Filed under: "Ask-an-Advisor", Accounting, Alternative Investments, Breaking News, Ethics, Investing, LifeStyle | Tagged: adam neumann, IPO, SPAC, WeWork, WeWork Bankrupt | Leave a comment »