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Massive Layoffs Expected At WeWork

New reports have revealed that WeWork is expected to layoff nearly 2,000 of its roughly 15,000 employees as it works to recover from its failed attempt to go public.

Just two weeks ago, co-founder Adam Neumann stepped down as CEO and now, the company is looking to let go of 350 employees in its corporate division. Layoffs are also expected in its software engineering, product management and data science teams.

The company is also looking to sell off its recently acquired companies such as Managed by Q, Teem, SpaceIQ, Conductor and Meetup, which could cut another 150 roles.

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After its S-1 filing was heavily scrutinized for its financial losses and corporate governance, the company decided to postpone its IPO. Now, it is expected to go public in 2020 with a value as low as $10 billion — a huge cut from its previous $47 billion valuation.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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