Troubled office-sharing firm WeWork may file for bankruptcy as early as next week, according to US media reports.

The company, which as a private business was valued at $47bn (£38.7bn), has lost almost 98% of its stock market valuation in the last year.

WeWork shares fell by more than 40% in extended New York trading on Tuesday.

The firm is considering filing for bankruptcy in New Jersey, according to the Wall Street Journal, which first reported the story.

The Reuters news agency also reported the story, citing a source familiar with the matter.

WeWork declined to comment when contacted by the BBC.

A week before the company confirmed that its share sale had been scrapped founder Adam Neumann stepped down as chief executive.

Scrutiny of his leadership had “become a significant distraction,” the firm said.

The company was also hit hard by the pandemic as social distancing rules drove people to work from home.

WeWork finally listed on the New York Stock Exchange in 2021 with a much lower valuation.

The Japanese conglomerate SoftBank has pumped tens of billions of dollars into WeWork as it continued to lose money.

It has also seen the exit of several top executives this year, including that of former chief executive and chairman Sandeep Mathrani.

As of the end of June WeWork had 777 locations in 39 countries around the world, according to the company.