WeWork, an innovative office sharing company, has filed for chapter 11 bankruptcy protection. The company leases office buildings, updates the space, and then rents it out to freelancers, startups, and larger companies. Once valued at $47 billion, the company now lists liabilities of up to $50 billion in its bankruptcy filing.
WeWork failed in its attempt to go public five years ago and has also struggled during the pandemic. Additionally, it has suffered from the oversupply of vacant office space..