WeWork tremors are starting to reach Australia
Australian businesses are beginning to fret as the global coworking giant reveals there is “substantial doubt” over its future.
WeWork is in serious trouble, and its tenants in Australia are getting jittery about it.
Shares in the co-working space operator plunged 41% earlier this month after the company revealed it had lost nearly USD700 million in the first half of the year and warned it had serious doubts about its ability to keep operating.
It is now desperately trying to retain its listing on the New York Stock Exchange (NYSE), announcing a one-for-40 reverse stock split in a bid to comply with a requirement to keep its share price above USD1.
One Sydney WeWork tenant who operates his own professional services business said the local operation was taking note of the turmoil overseas.
