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Co-working firm WeWork, which once had a valuation of over USD 47 billion, has decided to file for bankruptcy after constantly plummeting stock and business loss.
WeWork that once valued more than Rs 330000 crore has filed for bankruptcy.
The startup opened its first location in New York City, in April 2011. It focused on leasing office space, rather than buying.
The abrupt departure of CEO Sandeep Mathrani on Wednesday has also weighed on WeWork's stock price, which fell a record 25% in one day.
WEF Davos 2020: Goldman was one of investment banks that would have led the IPO last year, after convincing WeWork it could improve on the USD 47 billion valuation in a private fundraising round it secured in January 2019