NEW YORK — The American company WeWork, which had become an icon of coworking, ceased trading on Monday pending “pending news” amid rumors of its possible bankruptcy.
On the New York Stock Exchange website you can see how WeWork’s trading was suspended at 3:51 pm, with the reason “news pending.”
During the last few days, information had been generated about a possible bankruptcy. The Wall Street Journal reported last Tuesday that the company planned to file for bankruptcy as soon as this week, after which the company’s shares fell 46%.
At closing trading on Friday they were at a low of 82 cents per share.
According to The Wall Street Journal, the company owes about $10 billion in space rentals through 2027 and has lost about $16 billion since it was founded in 2010.
It has been a spectacular fall for a start-up that was valued at $47 billion. After its IPO, in October 2021, its shares stood at almost $600 per share.
According to The New York Times, the impact of its possible bankruptcy would be devastating for building owners in cities like New York or London, many of whom have already agreed to reduce the money they charge the company to keep it afloat, and for that the pandemic and the increase in teleworking have been a hard blow.
2023-11-07 15:48:53
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