Co-working juggernaut WeWork (now generally known as the We Firm) has laid off three % of its international workforce, or roughly 300 staff, the corporate advised TechCrunch. The closely funded enterprise, most lately valued at a whopping $47 billion, employs 10,000 individuals all over the world.
Headquartered in New York, the layoffs have been performance-related, a part of the corporate’s routine strategy of shedding underperformers. Among the many departments impacted by the cuts have been WeWork’s engineering group, product and person expertise design.
“Over the previous 9 years, WeWork has grown into one of many largest international bodily networks due to the onerous work and dedication of our group,” the corporate mentioned in an announcement supplied to TechCrunch. “WeWork lately carried out a regular annual efficiency evaluation course of. Our international workforce is now greater than 10,000 sturdy, and we stay dedicated to persevering with to develop and scale in 2019, together with hiring a further 6,000 staff.”
WeWork has raised greater than $eight billion in enterprise capital funding because it emerged to disrupt workplace sharing. The enterprise is backed considerably by the SoftBank Imaginative and prescient Fund, which invested $2 billion in WeWork as lately as January.