WeWork (Bankruptcy)

WeWork's November 2023 bankruptcy completed the fall from a $47 billion peak valuation to zero equity value. The company exemplifies the gap between narrative and fundamentals—Adam Neumann's charisma convinced investors they were funding a tech company when they were subsidizing a real estate arbitrage. When COVID emptied offices, the flexible lease model became a liability rather than an asset. Like a parasite that kills its host, WeWork's model depended on endless expansion to cover earlier losses, creating a structure that could only grow or die.