WeWork is a story of a startup that has gone rogue and is on the verge of getting bankrupt. However, we know that it was very popular and successful. But it all started when CEO Adam Neumann decided that they should go public with its IPO. That did not work out, however, and they had to decide not to go public. Due to this, the startup currently has a lot of debts and we reported that there are financial bailout packages from JP Morgan and SoftBank on the table being discussed.
But if you are currently an employee at WeWork then look away because this report will not make you feel happy one bit. According to The Guardian, they have had their sources tell them that WeWork will cut 2,000 members from its staff as soon as this week. This will mean that the startup will cut 13% of its staff in a move seen to revive the company from its current financial state. However, the trouble keeps on growing for WeWork as many believe that job cuts will not stop there. This indicates that even more job cuts at WeWork might be coming soon.
The Guardian also reports that “little or no work is getting done as workers prepare for the layoffs and new projects are put on hold” as per the WeWork employees. An employee, who has opted to remain anonymous for obvious reasons, said that “The atmosphere is toxic. A lot of people worked so hard for this company. We thought we were in on something really big.”
Also, The Guardian says that WeWork’s former CEO Adam Neumann has been shared as a meme on their company’s Slack channel which shows that they are obviously not happy with the way their CEO handled all the things at this startup.