A giant company once valued at more than $70bn has had a spectacular fall from grace and is on the brink of bankruptcy.Co-founded by Adam Neumann, Rebekah Paltrow and Miguel McKelvey, WeWork was launched in New York in 2010, originally catering to freelancers, start-ups and small businesses wanting to work in a millennial-styled collaborative space – think beanbag chairs and free beer on tap – before expanding its offering to larger businesses.
But in a statement on October 2, WeWork CEO David Tolley said that the company had missed interest payments owed to its bondholders and entered a 30-day grace period to make the payments.
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