Sources: WeWork plans to file for bankruptcy as early as next week

2023-11-01 16:42:10BlockBeatsShare to:

BlockBeats News, on November 1, Reuters reported, citing people familiar with the matter, that New York-based WeWork plans to file for bankruptcy as early as next week. Affected by this news, WeWork's stock price fell 32% in after-hours trading. Its cumulative decline this year is approximately 96%. WeWork has been in constant controversy since before its IPO. In September 2019, SoftBank Group, the largest shareholder holding 29% of WeWork's shares, urged it to shelve its IPO plan. However, WeWork ignored the opposition and continued to advance its US$20 billion IPO stock sale plan. That month, WeWork announced that its founder Adam Neumann would resign as CEO and retain the position of non-executive chairman. However, Neumann's voting shares would be reduced from 10:1 to 3:1, which means that he will no longer have a majority vote. right. BlockBeats previously reported that in May last year, Flowcarbon, a blockchain carbon credit trading platform supported by WeWork founder Adam Neumann, completed US$70 million in financing. Of this amount, US$32 million was raised through equity financing, led by a16z, with participation from General Catalyst and Samsung Next.

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