WeWork files for Chapter 11 bankruptcy protection

04:22

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WeWork files for Chapter 11 bankruptcy protection

Office-sharing company WeWork has filed for Chapter 11 bankruptcy protection in the US. Valued at $47 billion in 2019 in a round led by SoftBank, the company tried and failed to go public five years ago. It debuted through a special purpose acquisition company in 2021 but has since lost about 98 percent of its value. The company in mid-August announced a 1-for-40 reverse stock split to get its shares trading back above $1, a requirement for keeping its listing on the New York Stock Exchange. The company reported liabilities ranging from $10 billion to $50 billion in its filing, which is limited to its locations in the US and Canada.