WeWork Tumbles After Raising ‘Substantial Doubt’ About Future
- Stock plummeted more than 25% in extended trading on the news
- Co-working company disclosed substantial changes to its board
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WeWork Inc. shares plummeted more than 25% in extended trading after saying there’s “substantial doubt” about its ability to continue operating. The company cited sustained losses and canceled memberships to its office spaces.
The co-working business will focus over the next 12 months on reducing rental costs, negotiating more favorable leases, increasing revenue and raising capital, WeWork said in a statement Tuesday.