NEW YORK – WeWork said on Thursday it is laying off around 2,400 employees globally, as the office-sharing company seeks to drastically cut costs and stabilize its business after it transformed from a Wall Street darling into a pariah in a matter of weeks.
The long-anticipated layoffs are the biggest move yet by Japanese technology investment company SoftBank Group Corp., which is providing a $9.5 billion lifeline and will soon own about 80 percent of its shares, to make sure WeWork refocuses on its core business and on trying to make money.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.