Why WeWork Stock Plummeted by 13% Today
It typically isn't beneficial for a company when a big pile of its shares goes on sale at once. That was the case Tuesday with beleaguered office space purveyor WeWork (NYSE: WE). Following the announcement that a clutch of top stockholders was unloading their equity, investors understandably sold out of the company. When the smoke cleared, WeWork's share price had fallen by almost 13% on the day.
In a regulatory filing published after market hours Monday, WeWork divulged that a contingent of investors were selling up to almost 90.8 million shares of its stock.
The biggest position among this group of the real estate company's investors is Teton Capital Partners, which is gearing up to sell more than 32 million shares. Several prominent banks and investment managers have smaller stakes; among these is Jefferies, with a touch over 4.1 million.
Source Fool.com
