Connect with us

Hi, what are you looking for?

Jewish Business News


WeWork Delisted by NYSE


WeWork Offices Tel Aviv Company Pic

The New York Stock Exchange has delisted WeWork, the one time next biggest thing founded by controversial entrepreneur Adam Neumann. The NYSE said it suspended trading in the company’s warrants because its price was “abnormally low.” The NYSE has a $1 per share minimum price requirement and WeWork’s shares had fallen to just $0.13.

The company once had a valuation of $47 billion. But just a few weeks ago even WeWork’s board said that the firm was in danger of closure.

Apparently, a reverse stock split announced by WeWork which would turn every 40 shares outstanding into just one new share did not succeed in staving off the inevitable. Many observers saw last week’s announcement of a reverse stock split as a desperate move by the firm which only recently stated that it was in danger of going bankrupt.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

WeWork stated that it would not appeal the move suspending trading of its warrants. Warrants are an equity derivative that gives the right, but not the obligation, to buy or sell a company’s shares.

The reverse stock split was not to go into effect until September 1, 2023.

The end of WeWork should not really come as a surprise. WeWork never really had a viable business model. Office space sharing comes with quite a lot of risk. First, the company needs to fork over the money to lease all of that office space, even before it has any guarantee of subletting it all. Then, you have to find people willing to work in open spaces with a bunch of strangers.

WeWork has suffered from numerous problems in recent years, especially due to the Covid crisis. Since everyone had to work from home for the duration, no one was renting shared office spaces.

But WeWork’s real problems began in 2019 when founder Adam Neumann was forced out of the company which he founded in 2010. After a meteoric rise, the entrepreneur was brought down due to allegations of serious drug use and sexual improprieties. WeWork was forced to deal with sexual harassment suits. It delayed its planned IPO and laid off many workers.

WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey. The company quickly grew and became a unicorn, reaching a valuation of over $47 billion in 2019. However, WeWork’s IPO in 2019 was met with controversy due to concerns about its financials and corporate governance. The IPO was eventually withdrawn and WeWork was taken over by SoftBank, its largest investor.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.