What's Going On With WeWork Stock?

WeWork Inc. WE shares are volatile on Wednesday, and regular trading has resumed after the stock was halted to the upside following a company update.

What To Know:

In an update, the company said it is beginning the process of engagement with its landlords to renegotiate 'nearly all' of its leases. The company also said it expects to 'exit unfit and underperforming locations and to reinvest in our strongest assets as we continuously improve our product.'

What Else?

WeWork shares began trading on a post-reverse split basis on Tuesday after the company completed a 1-for-40 reverse stock split after market close on Friday.

Shares of WE are moving on heavy trading volume. According to data from Benzinga Pro, more than 4.2 million shares have been traded in the session, compared to the stock's 100-day average of 1.239 million shares.

WeWork has become known as the newest "meme stock" due to its popularity among retail investors.

WE Price Action: According to Benzinga Pro, WeWork shares are down 3.72% at $3.41 at the time of publication.

Image: kreatikar from Pixabay

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