WeWork Lays Off 300 Employees in Routine Performance Review
WeWork cuts roughly 300 jobs, or 3 percent of its global workforce, as part of a standard annual performance review.
WeWork dismisses approximately 300 employees, equating to 3 percent of its global workforce, as part of a standard annual performance review process. The heavily funded company, currently valued at $47 billion, employs over 10,000 people worldwide and maintains its headquarters in New York.
The job cuts primarily target underperformers across several key technical departments, including engineering, product, and user experience design. Despite the recent layoffs, a company spokesperson emphasizes that WeWork remains committed to its growth trajectory and actively plans to hire an additional 6,000 employees throughout 2019.
This workforce reduction occurs shortly after the business, now known as the We Company, receives a massive $2 billion investment from the SoftBank Vision Fund in January. Having raised more than $8 billion in total venture capital to disrupt the traditional office-sharing market, the organization continues to expand its massive global physical network.