WeWork; Eduardo Munoz / REUTERS; Samantha Lee / Business Insider
- WeWork is set to cut at least 13% of its workforce, or roughly 2 , 000 jobs, according to British newspaper the Guardian.
- The paper reported that staff within the company started to turn on founder and former CEO Adam Neumann, and that little or no work is getting done due to WeWork’s uncertain financial position.
- “The atmosphere is toxic. A lot of people worked so hard for this company. We thought we were in on something really big, “an anonymous staff member told the newspaper.
- For more of Business Insider’s WeWork coverage click here.
- View Markets Insider’s homepage for more stories.
WeWork is set to cut “at least” 2, 000 jobs as soon as this week, or roughly 13% of the company’s workforce, according to British newspaper theGuardian, citing anonymous sources inside the company.
According to the paper, workers are getting “little or no work done,” due to the company’suncertain financial situation.BackerSoftBank has reportedly stepped in to ensure WeWork survives.
One worker told the Guardian: “The atmosphere is toxic. A lot of people worked so hard for this company. We thought we were in on something really big.”
On the company’s Slack messaging board, memes of Adam Neumann had been made, as well as others making light of the company’s current situation.
WeWork’s fall from grace has come at breakneck speed. First, the long-awaitedIPO ws pulledafter major investorSoftBank had fears that investors were not interested. Later it wasreported that banks JPMorganand Goldman Sachs were helping torefinance the company after its major losses.
Earlier this week Business Insider reported thatWeWork’s phone boxes had traces of formaldehyde, which later emerged thatstaff knew about as early as August.
WeWork did not immediately respond to Markets Insider for comment on the job cuts.
(Read More) **************
GIPHY App Key not set. Please check settings