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WeWork to Lay off 2,400 Employees Worldwide
Embattled co-working giant WeWork has announced plans to lay off around 2,400 employees around the world as part of cost cutting measures after an unsuccessful attempt at an IPO.
The company has grown to more than 12,000 global employees in recent years after branching into co-living, a gym and a school. Layoffs are expected to come from the company’s human resources, growth, and corporate technology departments, according to various media outlets.
In a statement, a WeWork spokesperson said the cuts were being made as part of efforts to “create a more efficient organization” and refocus on the core office-sharing business.
WeWork’s valuation rose as high as $47 billion on the private market at one point. The company’s worth has plummeted since. The firm reportedly waited to lay off staffers because it couldn’t afford to pay severance until it was bailed out by SoftBank in October.
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