The company is reported to be employing about 10,000 people globally and are currently valued at a mind blowing $47 billion.
Headquartered in New York, the layoffs were performance-related, part of the company’s routine process of shedding underperformers.
Among the departments impacted by the cuts were WeWork’s engineering team, product and user experience design(too bad 😂😅).
In a statement to techcrunch the company said “Over the past nine years, WeWork has grown into one of the largest global physical networks thanks to the hard work and dedication of our team” “WeWork recently conducted a standard annual performance review process. Our global workforce is now more than 10,000 strong, and we remain committed to continuing to grow and scale in 2019, including hiring an additional 6,000 employees.”
The company is reported to have raised well over $8 billion in venture capital since it emerged. The business is backed significantly by the SoftBank Vision Fund, which invested $2 billion in WeWork as recently as January.