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The co-working space startup WeWork will lay off 2,400 employees which is 19% of its workforce as it works to cut costs, according to CNBC reports.
The massive layoffs come at a time when WeWork is facing larger than ever drop in profits. The company posted a net loss of $1.25 billion in the third quarter this year.
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After WeWork’s failed attempt at an initial public offering earlier this year, SoftBank Group Corp - ADR (OTC:SFTBY) bought a majority stake in the company in a bailout.
WeWork also faces a lawsuit from a former employee who alleged there was discrimination on the basis of gender and pregnancy by the company’s former CEO, Adam Neumann.
Most recently WeWork was in discussions with T-Mobile Us Inc (NASDAQ:TMUS) CEO John Legere to take over leadership of the office-sharing company. These discussion were later denied by Legere.
Related links
Report: T-Mobile's John Legere Could Be Next WeWork CEO
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.