Office landlord WeWork is said to be on the verge of bankruptcy

The share then collapsed by around 40 percent to around 1.43 dollars (1.35 euros) in pre-market US trading on Wednesday. Two years ago the titles sometimes cost just under $600. The company, in which the Japanese technology investor Softbank has a stake, is sitting on a mountain of debt worth $2.9 billion. Long-term leases for office properties total $13 billion. The company had suspended bond payments several times in recent weeks.

WeWork has been in crisis for years. Doubts about the business model destroyed the original plans for an IPO in 2019. Two years later, the company made it onto the trading floor, but with a significantly reduced valuation. Due to ongoing losses, WeWork had already warned of impending bankruptcy in August.