Revamped WeWork rises in Nasdaq debut

The office-sharing institution WeWork made a beardown Wall Street debut connected Thursday, 2 years aft a erstwhile effort disintegrated successful spectacular fashion.

Shares of the venture, revamped with caller firm leaders, changeable up astir 10 percent to $11.39 soon aft midday, giving it a market value of astir $9 billion.

The surge comes 2 days aft shareholders from a special-purpose acquisition company, oregon SPAC, called BowX voted to merge with WeWork.

Shares commercialized connected Nasdaq nether the ticker "We."

Known initially for catering to young freelancers, WeWork has turned its absorption much towards companies of implicit than 500 employees looking for abstraction successful municipality centers.

Chief Executive Sandeep Mathrani, a existent property seasoned who was tapped successful February 2000, has overseen a large austerity drive, cutting respective 1000 jobs worldwide and reducing the fig of leases.

WeWork generated $658 cardinal successful gross betwixt July and September, but continues to suffer money. The group, which has 762 workspaces successful 38 countries and 150 cities, hopes to go profitable successful the archetypal 4th of adjacent year.

WeWork hopes to crook the leafage connected the epoch of Adam Neumann, the co-founder and ex-boss whose antics and temperamental quality brought the institution to the brink of bankruptcy.

The determination comes 2 years aft the company went into a melodramatic tailspin that led to the canceling its planned IPO and accepting a bailout by Japanese concern steadfast SoftBank.

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© 2021 AFP