WeWork officially files for bankruptcy

The Street
The Street
  • last year
Office sharing company WeWork filed for Chapter 11 bankruptcy protection Monday.
Transcript
00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what
00:03 we are watching on the street today.
00:05 It's a quieter week here on Wall Street and investors are looking ahead to several speeches
00:09 from key Fed officials.
00:11 The heads of the Kansas City and Dallas Feds will take the stage today, with Fed Chair
00:15 Jerome Powell himself set to speak later on this week.
00:19 Investors will be closely looking for further clues that the U.S. Central Bank is finished
00:23 raising rates for this year.
00:25 Separately, Uber reporting weaker than expected earnings but did see an uptick in its gross
00:30 bookings and active users.
00:32 Investors will be watching for results from Disney, Warner Brothers and Lyft later this
00:36 week as well.
00:37 So far, over 80% of companies in the S&P 500 have reported third quarter results and of
00:42 those, 83% have beat Wall Street expectations.
00:46 Meanwhile, in another story we're following for you today, WeWork has officially filed
00:50 for Chapter 11 bankruptcy.
00:52 The news does not really come as much of a surprise after the company struggled for years
00:57 and recently announced that it was struggling to pay back its debts.
01:00 The embattled co-working company saw its decline after it attempted to go public back in 2019.
01:06 WeWork at the time was worth nearly $50 billion, but after a botched IPO, it nearly filed for
01:12 bankruptcy just weeks later.
01:14 Things then got even worse when the pandemic began and people shifted to remote work.
01:19 Since then, the company's stock has plummeted over 90% and its value has dropped to just
01:24 $45 million.
01:26 WeWork noted that its existing co-working spaces will remain open.
01:30 In a statement, the company said, "Our spaces are open and there will be no change to the
01:34 way we operate."
01:36 That will do it for your daily briefing.
01:37 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:40 -

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