Apr 20, 2023 - Economy & Business
WeWork shares fall below 50 cents
WeWork shares closed below 50 cents on Wednesday, pushing the coworking space operator's market cap down to just $334 million.
The big picture: On Tuesday, WeWork disclosed that it received a noncompliance notice from the New York Stock Exchange because of its flailing stock price.
- It has six months to regain compliance before possible delisting.
For context, WeWork founder and ousted CEO Adam Neumann last year raised $350 million (at a $1b post-money valuation) for his new real estate startup from Andreessen Horowitz.
- Moreover, WeWork itself was once valued at $47 billion by its venture capital backers.