Following WeWork's warning that it could be headed for bankruptcy, FOX Business gives a timeline of the long-suffering office-sharing company's years of troubles.
By the time the company first tried to go public in 2019, it was valued at $47 billion, but that effort was scrapped after investors balked at its high debt levels, massive losses and how quickly it was burning through cash.
Investors also became fed up with the exorbitant spending and erratic behavior from co-founder and then-CEO Adam Neumann, who was later ousted but was handed an enormous golden parachute to leave. Co-founder and former CEO of WeWork Adam Neumann's enormous golden parachute drew outrage from some WeWork investors and employees.
WeWork's major backer, Japanese conglomerate Softbank, took control of the company with a bailout and offered Neumann a nearly $1.7 billion payout that left him with significant stock control.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Once worth $47 billion, WeWork shares near zero after bankruptcy warningWeWork shares approached zero on Wednesday after the one-time startup darling warned it could go bankrupt in a stunning reversal of fortune for a company that was once privately valued at $47 billion.
Read more »
Once valued at $47 billion, WeWork warns of 'substantial doubt' that it can stay in businessWeWork's shares tumbled after it flagged its financial losses and its need for cash, among other factors, as major headwinds.
Read more »
WeWork Warns of 'Substantial Doubt' About Its FutureOnce worth as much as $47 billion, WeWork is now warning that there is 'substantial doubt' about the company's ability to stay in business over the next year because of factors such as financial losses and a need for cash.
Read more »
WeWork Warns It May Collapse in the Next YearWeWork, the office space company once valued at $47 billion, has issued a warning about its ability to continue operating in the next year. The company cites financial losses and the need for more capital as factors that pose a substantial threat to its business.
Read more »
Wework raises going-concern doubt, shares tankWeWork Inc expresses significant doubt about its ability to continue as a going concern, resulting in a 19% drop in its shares during extended trading.
Read more »
WeWork flags 'substantial doubt' about its ability to stay in businessWeWork Inc. disclosed Tuesday that there’s “substantial doubt” about its ability to continue operating, as the company seeks to improve its financial positioning. Shares of the company, which provides co-working spaces, were down 33% in Tuesday’s after-hours trading. WeWork lost $397 million in the second quarter and has $680 million...
Read more »