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WeWork filed for bankruptcy in the US in 2022. The company struggled to recover from the effects of Covid-19 on the economy and its failed initial public offering in 2019.
The loose culture that characterised WeWork should have served as an ominous warning sign but the board clearly missed or ignored it.
WeWork's bankruptcy filing follows a dramatic decline in value from $47 billion to as low as $10 billion, driven by losses and corporate governance lapses
WeWork owns about 27% in WeWork India, which has been one of the parent company’s fastest growing affiliates outside the US
Adam Neumann, the former CEO of WeWork founded the company in 2010 and by 2019, it was worth $47 billion.