SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection after its bets on companies using more of its office-sharing space soured.
Nothing unexpected.
I’m surprised this thing still exists at all.
It's a great idea! Or at least it was before 2020 and changing ideas about working from home. But you probably can't impress clients by inviting them to your 1 bd apartment if you're an aspiring entrepreneur. Plus, some people don't like the solitude of working from home and would prefer to rent office space. Small business owners and entrepreneurs can really benefit from WeWork. Adam wreaked havoc on the actual business side of the business though, so I guess it is a little surprising it's still around. SoftBank has spent billions on it already though and probably really want to recoup their investments.
Notably, it's Chapter 11 bankruptcy, so they are clearly trying to revive the company by renegotiating their debts.
Lol