Trading in WeWork shares halted amid reports of possible bankruptcy filing
investing.comInvesting.com -- Trading in shares of WeWork Inc (NYSE:WE) was temporarily halted on Monday, according to an announcement from the New York Stock Exchange.
The news comes after reports suggested that the co-working space provider would file for bankruptcy as soon as this week. Shares tumbled by about 66% last week and have now shed about 99% of their value this year.
Citing people familiar with the matter, the Wall Street Journal first reported that WeWork — the flexible office space venture founded by Adam Neumann and backed by SoftBank (TYO:9984) that was once valued at $47 billion — was considering filing for bankruptcy in New Jersey. Reuters also reported the story, citing an unnamed source.
WeWork declined to comment to both news outlets.
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