WeWork is expected to let go of 2,000 (around 13%) of its 15,000 employees as early as this week as the coworking firm attempts to recoup its losses following its failed initial public offering.
WeWork’s IPO was intended to be one of the largest listings this year, but it has turned into a major disaster that led the company to oust its co-founder Adam Neumann as CEO.
The company’s massive valuation of $47 billion has also fallen to as low as $10 billion according to the Washington Post.
Staff at the company claim that little work is being done due to new projects being put on hold.
Currently, the firm is in talks with JPMorgan for a cash infusion of around $5 billion, rather than selling a controlling stake to SoftBank. Moving forward, WeWork is expecting to go public some time next year.
