WeWork Inc (WE) is currently experiencing a significant drop in its stock price after reports of an impending bankruptcy.
What’s Happening: According to a recent article by the Wall Street Journal, WeWork is planning to file for Chapter 11 bankruptcy in New Jersey in the coming week. This news has sent shockwaves through the financial community and has caused the stock price to plummet.
At one point, WeWork was valued at an impressive $47 billion. However, the company’s market cap has dwindled to just $136 million as of the most recent close of trading.
WeWork is a global provider of flexible office spaces and community experiences primarily catering to startups and other enterprises.
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Market Performance: Since the start of the year, WeWork’s stock has witnessed a dramatic decline of over 96%. Currently, the stock is down 29.40% at $1.60, according to Benzinga Pro.