Co-working giant WeWork goes bankrupt

WeWork, the once highly-valued US start-up backed by SoftBank Group, has filed for bankruptcy protection as it struggles with costly leases and the surge in remote work. SoftBank, which holds a 60% stake in WeWork and has poured tens of thousands of dollars into its revival, admits that the company's survival hinges on renegotiating its expensive leases through bankruptcy. WeWork's shares have fallen over 69% in the past week.