WeWork , Files for Bankruptcy.<br />WeWork, previously "the world's most valuable startup," filed for bankruptcy on Nov. 6, CNN reports.<br />The bankruptcy filing was expected, as the company announced last month that it was having a difficult time paying off its debt.<br />Much of the company's struggles are <br />attributed to the pandemic, a time in which <br />people were working more from home, as <br />opposed to utilizing WeWork's office spaces.<br />WeWork's stock reportedly lost <br />over 99% of its value during that time.<br />At its peak, WeWork was worth $47 billion. .<br />On Nov. 6, it had a $45 million valuation.<br />WeWork will stay "open and operational" while it attempts to renegotiate lease <br />and debt terms, CNN reports. .<br />Now is the time for us to pull the future <br />forward by aggressively addressing <br />our legacy leases and dramatically <br />improving our balance sheet, David Tolley, WeWork CEO, via news release.<br />We remain committed to investing <br />in our products, services, and <br />world-class team of employees <br />to support our community, David Tolley, WeWork CEO, via news release
