WeWork makes second restart attempt

After a year in which a global pandemic turned offices across the world into ghost towns WeWork, the embattled communal office-space company, is making a second attempt at going public.

The announcement Friday comes almost two years after WeWork’s first attempt at becoming a publicly traded company blew up in spectacular fashion, its founder and CEO ousted abruptly.

This time the New York company becomes part of the SPAC wave and will seek a listing after merging with the special-purpose acquisition company BowX Acquisition.

The agreement values WeWork at $9 billion plus debt, far below the $47 billion valuation given the venture in September 2019 when the IPO imploded after massive losses were revealed in regulatory filings.

GameStop loses $6B market value

GameStop Corp. is ending the week close to where it started, after an earnings-related selloff was quickly reversed, with retail investors refusing to let go of their commitment to the stock.

Investors were quick to get over GameStop’s 12th consecutive quarter of slowing sales and management’s decision to not take questions on its earnings call on Tuesday, despite warnings from most Wall Street analysts.

More than $6.4 billion in market value was whipsawed from Monday’s intraday high to a bottom of $118.62 on Wednesday.

That tumultuous ride lives on as the week draws to an end. The stock initially jumped as much as 19% on Friday before erasing gains to fall as much as 4.2%.

It has now advanced about 3.9% $191 as of 11:45 a.m. in New York. The shares are up about 850% so far this year compared to a 4.5% gain for the S&P 500.

From wire reports