WeWork filed for bankruptcy protection in the United States 4 years ago and was valued at $47 billion

2023-11-07 07:54:29

The office sharing company WeWork filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in New Jersey yesterday (6th). WeWork’s liabilities reportedly range from $10 billion to $50 billion.

WeWork was established in 2010 and was once known as the “three major sharing economy models” with Uber and Airbnb. WeWork, which was valued at US$47 billion in a 2019 round of financing led by Masayoshi Son’s SoftBank, tried to go public five years ago but failed.

WeWork CEO David Tolley said the company will accelerate the strengthening of its capital structure through restructuring support agreements, while remaining committed to investing in its products, services and employee team.

WeWork’s former CEO Adam Neumann, who resigned as chief executive in 2019, said he was disappointed with WeWork’s expected bankruptcy filing, believing that he spent 10 years building the business with his team, but the company failed to take advantage of it after 2019. Products that are more important than ever.

Adam Neumann also said that he believes that with the right strategy and team, WeWork can make a comeback through restructuring.

source:CNBC