In France, the WeWork 'Crash' Raises More Questions Than Answers

It's the end of a success story that began in New York in 2010, under the impetus of Adam Neumann and Miguel McKelvey, the founders of WeWork. Valued at nearly $50 billion in 2019, the shared office giant, which currently has 660 locations in 119 cities worldwide, has reached the heights. But it has just fallen precipitously, filing for bankruptcy on Monday evening: "WeWork and certain of its subsidiaries have filed for Chapter 11 bankruptcy protection and intend to file for recognition in Canada under the Companies' Creditors Arrangement Act," the group announced in a statement. The proceedings do not affect its subsidiaries outside the US and Canada, added WeWork, which believes its "global operations will continue as usual".