WASHINGTON: Embattled office sharing start-up WeWork said Thursday it will lay off 2,400 employees worldwide as the company struggles to reorganise amid mounting losses.The dismissed workers “will receive severance, continued benefits, and other forms of assistance to aid in their career transition”, a spokesperson said in a statement.
The painful lay-offs underscore the decline of what had previously been one of America’s most celebrated start-ups that left a mammoth footprint in the commercial real estate of major world capitals. Neumann stepped down from the company’s board of directors with a US$1.7 billion exit package while the company’s value was slashed to US$8 billion – a far cry from its US$47 billion valuation at the start of this year and just a fraction of the sum envisioned as part of the failed IPO.
Source: News Formal (newsformal.com)
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