WeWork's Imminent Bankruptcy Sends Shares Plummeting

WeWork shares plummeted nearly 50% to a record low amid reports that the struggling flexible workspace provider is considering filing for bankruptcy as early as next week. Once valued at $47 billion, WeWork's market capitalization now stands at just $121 million. The company, which has been burdened by heavy debt and significant losses, has faced setbacks since its failed IPO in 2019. WeWork's potential bankruptcy filing could have implications for the office space industry, as the company holds numerous long-term leases that may need to be restructured or written off.