The application submitted by the company to the authorities says that its liabilities amount to 18,656 million dollars (million dollars), while its assets are worth 15,063 million dollars.
WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey, who were in charge of the company until 2020, after the details of the Neumans’ lives became known and that same year they were revoked from the board of directors, while SoftBank acquired 80% ownership of the company.
WeWork shares on Wall Street were trading at $1.05, a new all-time low with a daily drop of 54%.
The main profit of this company came from the rents they charged for occupying the spaces, where the main attractions, in addition to meeting other people from different fields, were the common areas that they shared, since in reality they did not look like offices, but rather large meeting rooms. games.
During its first years of existence, the concept attracted so much attention to the point of achieving a valuation of $4.6 billion by 2014, a figure that attracted large investors, such as JP Morgan Chase or even Masayoshi Son, founder and CEO. from Softbank.