WeWork SPAC Meltdown Adds to Co-Working Company’s Litany of Woes
- WeWork joins more than 100 de-SPACs to flag going concern
- Company was given a $47 billion valuation by SoftBank in 2019
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WeWork Inc. is already infamous for torching billions of Softbank Group Inc.’s cash. It’s been labeled a poster child for the excesses of Silicon Valley’s founder worship. And exemplifies the profligacy of a near-zero interest rate environment.
Now — after the office-sharing company said is has “substantial doubt” that it can remain solvent — it’s one of the biggest failures of a stock-market trend littered with blowups: SPAC-mania.