WeWork now broke

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. WeWork, once hailed as one of the nation's most valuable startups with a peak valuation of $47 billion, is now on the brink of bankruptcy, expected to file as soon as next week. Founded during New York's startup boom in 2010, the co-working giant enjoyed exponential growth, especially under Adam Neumann's leadership, often doubling its revenue year-on-year and establishing a vast global office footprint. However, turbulent times, including a failed IPO and the pandemic's severe impact on its business model, have led to this precipitous decline. Recently, WeWork inked a forbearance agreement with its creditors, granting a week-long breather. This move aims to buy time for the company to refine its capital structure, as indicated by a company spokesperson.

2. Pinterest posted impressive earnings on Monday, outstripping both profit and revenue predictions. With revenue climbing to $684.6 million, marking an 11% rise from last year, and global monthly active users soaring by 8% to a staggering 482 million, the company has clearly struck a chord with its user base. This growth contrasts sharply with their financial situation a year ago, where they recorded a loss of $65.2 million. Now, they're boasting a net profit of $6.73 million. While quarterly expenses experienced a slight bump, the company forecasts a drop in non-GAAP operating expenses for Q4 2023, promising an even brighter financial outlook.

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4. Headlines

   1. LinkedIn has launched a new chatbot to assist with job searches.

   2. Private payrolls added 113,000 jobs last month.

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