Long-anticipated layoffs at WeWork have begun, which is part of the struggling office-sharing company’s plan to cut costs after staggering losses.
WeWork said that its workforce reduction will affect 2,400 employees globally. They will receive severance and continued benefits and other forms of assistance, according to an emailed statement.
“We are grateful for the important roles they have played in building WeWork over the last decade,” the company said.
WeWork is seeking to stabilize its business and show a path to profitability after scrapping an initial public offering, and its value plummeted from $47 billion to about $8 billion.