Once valued at $47 billion, coworking-space provider WeWork nears bankruptcy

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WeWork stock fell about 50 percent today as the business once valued at $47 billion reportedly plans to file for bankruptcy.

WeWork was founded in 2010 and provides coworking spaces in office buildings as an alternative to traditional offices and work-from-home arrangements. WeWork gained some high-profile customers like IBM and Microsoft but has consistently lost money. WeWork’s net losses have been getting smaller but are still substantial: A net loss of $2.3 billion in 2022 was followed by a loss of $696 million in the first six months of 2023.

“WeWork is planning to file for bankruptcy as early as next week,” The Wall Street Journal reported yesterday, citing people familiar with the matter.