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[bctt tweet=”Reports have revealed that WeWork may lay off up to 5,000 staffers in the aftermath of its failed IPO.” username=”allwork_space”]
The company’s S-1 filing revealed that the company had massive financial losses, an unnerving corporate structure that had co-founder CEO Adam Neumann as the sole beneficiary and an unnecessarily large $47 billion valuation. Neumann and his wife Rebekah, who once held the power of choosing her husband’s successor, have since been ousted from the company.
Now, reports indicate that the company will try for a 2020 IPO with a valuation of $10-$15 billion, and in the meantime, will focus on its “core business” according to its new co-CEOs Artie Minson and Sebastian Gunningham.
So far, there is conflicting information on just how many staffers may lose their job at WeWork, with reports ranging anywhere from 2,000 to 5,000 workers out of the company’s 12,500 total employees.
