November 2019

WeWork Laying Off Thousands for Financial Stability

A source tells 'The New York Times' that up to 6,000 could lose their jobs with the real estate company. According to Chairman Marcelo Claure, the layoffs will start this week. The cuts come during a turbulent time for WeWork, who recently abandoned plans to go public. For 2019's third quarter, it also posted a loss of over $1.2 billion. Compared to 2018's Q3, the start-up's losses have jumped 150 percent. Last month, WeWork was also rescued by Japan's SoftBank through a $5 billion package. Though the deal kept it from running out of money, SoftBank now has 80 percent of WeWork's ownership.