WeWork commanded a $47 billion valuation at its peak. It's crashed over 99% since then - and could now file for bankruptcy, reports say

• WeWork is planning to file for bankruptcy, according to multiple reports.
• The commercial real-estate start-up achieved a $47 billion valuation in 2019, after receiving investment from SoftBank.
• But its shares have cratered 99% since it made its stock-market debut in March 2021.

WeWork could be planning to file for bankruptcy – the latest sad twist in a nightmarish run for the commercial real-estate startup since it made its stock-market debut back in March 2021.

The Wall Street Journal and Reuters both reported on Tuesday that WeWork could file a chapter 11 petition as early as next week, citing people familiar with the matter. "We do not comment on speculation," a spokesperson for the company told Insider.

Shares cratered 38% in Wednesday's premarket on the reports, putting them pace to trade at just over $1.40 at the opening bell.

WeWork reached a peak valuation of $47 billion back in January 2019, after netting $5 billion worth of direct investment from SoftBank. That was followed by a disastrous attempt to go public that eventually led to the exit of the company's controversial founder, Adam Neumann.

The firm finally made its stock-market debut in March 2021 after merging with BowX, a special purpose acquisition company backed by Sacramento Kings co-owner Vivek Ranadivé, in a deal that valued it at a more modest $9 billion.

But WeWork has never been able to find its footing, having failed to clear its debts and suffering significant losses since then.

In August, the company raised "substantial doubt" about its future, saying it would need to raise additional capital to survive the next 12 months. Earlier on Tuesday, it said it would withhold interest payments on around $6.4 million worth of debt in a bid to prop up its balance sheet.

Since the March 2021 SPAC listing, WeWork shares have plunged over 99%.

Between January 2019 and now WeWork's market capitalization has fallen from $47 billion to just $140 million – a staggering $46.9 billion wipeout that could extend even further if the bankruptcy reports prove to be true.