Shulou(Shulou.com)11/24 Report--

CTOnews.com November 7 news, as investors prepare for WeWork to file for bankruptcy, the shared office space provider's shares have been suspended today, WeWork has not issued a statement on the matter.

WeWork, once valued at $47 billion (CTOnews.com notes: currently about 343.1 billion yuan), has fallen 98% this year, leaving the company with a market cap of $270 million as of August (currently about 1.971 billion yuan), but it is now worth less than $50 million (currently about 365 million yuan).

CTOnews.com previously reported that WeWork has been in trouble since its planned listing failed in 2019. Investors are skeptical of its business model of leasing it for long periods and renting it out for short periods, and are concerned about its huge losses.

In August, WeWork expressed "serious doubts" about its ability to continue operations and saw several senior executives leave, including CEO Sandeep Mathrani.

According to the Wall Street Journal, WeWork plans to file for bankruptcy as early as this week. The company, backed by Japan's SoftBank, is struggling with huge debts and huge losses.

Related reading: "The news says WeWork, the originator of shared office, will file for bankruptcy, SoftBank suffers heavy losses"

"News says shared office giant WeWork has reached a" critical juncture "and is seeking restructuring to avoid bankruptcy."

Former WeWork CEO recalls: $47 billion valuation makes me dizzy

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