Trading of shares was halted at 8:51 am UK time, with the New York Stock Exchange indicating on its website that the suspension was due to “pending news.”
Recently, the Wall Street Journal suggested that the firm might seek Chapter 11 bankruptcy protection in the United States within the current week.
@WeWork shares halted amid bankruptcy fears (NYSE: $WE) Trading of shares was halted at 8:51 am #UK time, with the New York Stock Exchange indicating on its website that the suspension was due to "pending news."
Recently, the Wall Street Journal suggested that the firm might… https://t.co/0ZUXkp3z5F pic.twitter.com/uZFQ1zSaZG
— Share_Talk ™ (@Share_Talk) November 6, 2023
WeWork, known for its business model of securing long-term leases from office landlords and offering them as short-term rentals, has seen its market value plummet by nearly 98 percent over the last year, as the trend of remote work persists.
The company, which once held the status of a Silicon Valley favourite with a valuation of $47 billion (£38.7 billion) and received backing from Softbank, issued a warning in August that it could face bankruptcy if it does not succeed in enhancing its liquidity and profitability within the forthcoming year.
