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SoftBank WeWork, once most valuable U.S. startup, succumbs to bankruptcy

Dated on: Tuesday 7th November 2023

WeWork, a startup backed by the SoftBank Group, filed for bankruptcy protection in the United States on Monday. This move comes as a recognition by SoftBank, which owns around 60% of WeWork, that the company's survival depends on renegotiating its expensive leases during bankruptcy, as its strategy of providing office-sharing space to companies did not yield the expected results.

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