Trading in WeWork Halted Amid Bankruptcy Rumors

Trading in shares of WeWork were halted Monday as rumors swirl that the office sharing company, once valued as high as $47 billion, will seek bankruptcy protection. From a report: Last week, The Wall Street Journal and other media outlets reported that WeWork was planning to file for Chapter 11 bankrutpcy protection as early as this week -- citing unnamed sources familiar with the matter. Shares of WeWork, which cost more than $400 two years ago, could be had Monday for less than $1. The specter of bankruptcy has hovered over WeWork for some time. In August, the New York company sounded the alarm over its ability to remain in business. But cracks had begun to emerge several years ago. WeWork is paying the price for aggressive expansion in its early years. The company went public in October 2021 after its first attempt to do so two years earlier collapsed spectacularly. The debacle led to the ouster of founder and CEO Adam Neumann, whose erratic behavior and exorbitant spending spooked early investors.

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