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Nov. 7, 2023

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Why WeWork failed, and what’s next

A WeWork logo is seen outside its offices in New York City, Nov. 7, 2023. REUTERS/Shannon Stapleton

Flexible workspace provider WeWork sought U.S. bankruptcy protection on Monday, crippled by a large debt pile and soaring losses due to lower demand for office space from cost-conscious customers. WeWork was once the most valuable U.S. startup, worth $47 billion. It wooed blue-chip investors, including SoftBank and venture capital firm Benchmark, as well as major Wall Street Banks including JPMorgan Chase.

Here’s a look at why WeWork failed and what’s next for the company that reshaped the office sector globally.

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Delays plague U.S. judiciary’s financial disclosure database

REUTERS/Andrew Kelly/File Photo

A new online database of federal judges’ financial disclosure reports has been plagued with delays in the fillings being made public, hampering a tool mandated by a bipartisan bill meant to bring greater transparency to the courts. Around 2,500 federal judges and U.S. Supreme Court justices are required to file annual disclosure reports. Yet as of Tuesday, one year since the database was unveiled, it contained only 1,138 annual reports for 2022 and 1,943 for 2021, according to Fix the Court. Read more about the delays.