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☆ WeWork commanded a $47 billion valuation at its peak. It's crashed over 99% since then - and could now file for bankruptcy, reports say
  + stars: | 2023-11-01 | by ( George Glover | ) www.businessinsider.com   time to read: +2 min
WeWork is planning to file for bankruptcy, according to multiple reports. The commercial real-estate start-up achieved a $47 billion valuation in 2019, after receiving investment from SoftBank. But its shares have cratered 99% since it made its stock-market debut in March 2021. WeWork reached a peak valuation of $47 billion back in January 2019, after netting $5 billion worth of direct investment from SoftBank. Between January 2019 and now WeWork's market capitalization has fallen from $47 billion to just $140 million – a staggering $46.9 billion wipeout that could extend even further if the bankruptcy reports prove to be true.
Persons: WeWork, —, Adam Neumann, Vivek Ranadivé Organizations: Service, Street Journal, Reuters, SoftBank, Sacramento Kings Locations: SoftBank, Wednesday's premarket
☆ WeWork bankruptcy: One of the biggest startup failures of all time, and venture capitalists haven't learned a thing.
  + stars: | 2023-11-01 | by ( Julie Bort | ) www.businessinsider.com   time to read: +4 min
WeWork, backed by Softbank and other top VC firms, was once worth $47 billion. AdvertisementAdvertisementWeWork just isn't working anymore, and the venture capitalists who backed the company when it was a high-flying startup haven't learned a thing from its disaster. When a $47 billion startup shrivels so drastically, who gets hurt? Then there's Neumann, who owned over 68 million shares of common stock and virtually all its Class C stock — nearly 20 million shares — earlier this year. Staggering as it might seem to blow away nearly $47 billion dollars, with those kinds of repercussions, WeWork isn't a warning for most of the venture capital community.
Persons: Softbank, haven't, —, WeWork's, Adam Neumann, WeWork, Vivek Ranadivé, Fitch, there's Neumann, speck, Neumann, Andreessen Horowitz Organizations: Venture, Service, Street Journal, New York Stock Exchange, BowX, Golden State Warriors, Sacramento Kings, CNBC, Reuters, SEC, Insight Partners, Benchmark Locations: Sacramento, It's
☆ How screwed is WeWork? One of its bonds trades at 56 cents on the dollar, and Fitch Ratings thinks default is a real possibility.
  + stars: | 2023-05-19 | by ( Alistair Barr | Joe Ciolli | ) www.businessinsider.com   time to read: +3 min
One of its bonds trades at 56 cents on the dollar, and Fitch thinks default is a real possibility. One of WeWork's bonds, which matures in 2025, recently traded at 56 cents on the dollar, according to Bloomberg data. A healthy company's debt often trades at 100 cents on the dollar, or at a very slight discount. Fitch upgraded WeWork's issuer default rating to 'CCC-', in a nod to the debt restructuring. Discussions of debt restructuring represent a striking new low for a company that used to be one of the most valuable startups ever.
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