Real estate company WeWork (WE) filed for bankruptcy this week, pressured by ongoing deterioration in the commercial real estate market. The company was founded in 2014, and at its peak in 2019, WeWork was valued at $47 billion - making it one of the most valuable start-ups in the world.
As a private company, WeWork raised more than $22 billion across 23 funding rounds. However, a failed IPO in 2019 raised questions over management's ability to lead. Moreover, its negative profit margins and creative accounting practices spooked Wall Street - and the COVID-19 pandemic acted as a further headwind for WeWork, as it accelerated a shift toward remote work environments.
