Things started moving downhill for the company way back in 2019 when WeWork s desperate efforts to raise money in a public listing took a hit on its reputation, resulting in the ousting of co-founder Adam Neumann.
WeWork Bankruptcy: The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy.
WeWork, the company that provides flexible working space, has filed for bankruptcy. The company's co-founder, Adam Neumann, called the move "disappointing."