Embattled office-sharing startup WeWork confirmed on Thursday that it had cut 2,400 jobs in a round of layoffs following its failed IPO attempt.
Multiple sources told Business Insider that layoffs had begun on Monday, November 11. WeWork met with employees to announce the larger round of layoffs beginning on Thursday morning at 10 a.m ET, another source familiar with the matter told Business Insider.
"As part of our renewed focus on the core WeWork business, and as we have previously shared with employees, the company is making necessary layoffs to create a more efficient organization," a WeWork spokesperson told Business Insider.
Employees who were laid off earlier this week received four months severance pay, regardless of tenue, according to Business Insider's sources.
"The process began weeks ago in regions around the world and continued this week in the U.S.," the statement continued. "This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition. These are incredibly talented professionals and we are grateful for the important roles they have played in building WeWork over the last decade."
CNBC first reported the news.
This post is developing...refresh this page for the latest.
Join the conversation about this story »
COMMENTS