WeWork Inc (NYSE:WE) shares are getting crushed after the close on Tuesday following reports that the company is on the brink of bankruptcy.
What Happened: According to a Wall Street Journal report citing people familiar with the matter, WeWork plans to file for Chapter 11 bankruptcy in New Jersey as soon as next week.
WeWork was once valued as high as $47 billion, but the company had a market cap of just $136 million as of Tuesday’s close.
WeWork is a global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences for startups and other enterprises.
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WE Price Action: WeWork shares are down more than 96% since the start of the year. The stock was down 29.40% at $1.60 at the time of publication, according to Benzinga Pro.
