WeWork’s CEO, Sandeep Mathrani, disclosed that he bought 29,600 shares at $8.46 each on Friday (Nov. 19). Following the news, WeWork shares began trading higher on Monday (Nov. 22). The latest purchase boosts Mathrani’s position to 1.76 million shares.
WeWork went public last month via a SPAC deal with Bow X Acquisition Corp. The stock opened for trading at $11.28 but has since drifted lower. On Monday November 22, the stock rallied to $9.56. WeWork reported last week that its third-quarter revenues were down 18% from a year ago to $661 million. The coworking company also reported losses of $356 million in the quarter.