Its spending was largely financed by SoftBank, which bet that spending freely on start-ups would allow the companies to grow faster than their rivals and establish dominant positions in their industries. SoftBank invested more than $10 billion in WeWork.
WeWork’s stock has fallen more than 98 percent since the start of the year, and the company was valued at less than $45 million as of Friday. At its peak, in January 2019, the company was worth around $47 billion.
Monday’s actions will not affect WeWork franchises outside the United States and Canada, the company said.
The company became synonymous with co-working, a trend that was embraced by millennials doing freelance work or engrossed in start-up culture. Workers would type away on their laptops in open-floor work spaces or duck into glass conference rooms to take meetings. They were places for people to chat and share ideas all while sipping on the cold brew and kombucha that were on tap.
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