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- WeWork’s Stock Imploded to 13 Cents Yesterday; Its Cult-Master, Adam Neumann, Cashed Out Years Ago and is a Billionaire
WeWork’s Stock Imploded to 13 Cents Yesterday; Its Cult-Master, Adam Neumann, Cashed Out Years Ago and is a Billionaire
by Pam Martens and Russ Martens Wall Street on Parade
That office space company we warned our readers about so extensively in 2019, WeWork, collapsed to 13 cents a share yesterday. Its bonds were trading at about 13 cents on the dollar.
WeWork’s stock has been on a steady decline since the company began to trade publicly on October 21, 2021. The chart above shows how investors would have fared in WeWork stock versus a 10-year U.S. Treasury note since WeWork started trading in 2021.
The collapse in the share price this week came as a result of an 8-K filing with the Securities and Exchange Commission on Tuesday in which the company uttered these discomforting words: “…as a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern.”