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November 21, 2019 03:52 pm
Illustration by Alex Castro / The Verge
Original Link: https://www.theverge.com/2019/11/21/20975831/wework-layoffs-ipo-adam-neumann-softbank
WeWork begins laying off 2,400 employees
Illustration by Alex Castro / The Verge
WeWork is being hit with layoffs today, according to CNBC, marking the latest downturn in the wake of the company’s disastrous attempted IPO.
The outlet reported that WeWork is letting 2,400 employees go. Layoffs at the company have been rumored for months. In September, The Information reported that executives considered laying off as much as one-third of the company’s workforce, or around 5,000 employees.
The layoffs are only the latest moment in a precipitous fall for WeWork, which at one point this year, was valued at $50 billion, but it has since become a symbol of corporate mismanagement. Facing questions about its leadership and business plan, WeWork postponed a planned IPO earlier this year,...
Original Link: https://www.theverge.com/2019/11/21/20975831/wework-layoffs-ipo-adam-neumann-softbank
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