The stock market was having a generally negative start on Wednesday morning, with all three major benchmark indices slightly lower a few minutes after the opening bell. However, co-working company WeWork (NYSE: WE) was a major laggard.

As of 9:45 a.m. ET, WeWork's stock had fallen by nearly 20% for the day, continuing a downward spiral that has persisted for a long time. Before it went public in a SPAC transaction at a $9 billion valuation in late 2021, WeWork commanded a valuation as high as $47 billion in a January 2019 funding round. Today, it has a market cap of just $380 million -- less than 1% of its peak value.

We've seen a few once-promising companies that took the SPAC route to go public collapse in recent months. But WeWork looks like it could be the most prominent ex-SPAC of the 2020-2021 boom to fold.

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Source Fool.com