Co-working juggernaut WeWork (now known as the We Company) has laid off 3 percent of its global workforce, or roughly 300 employees, the company told TechCrunch. The heavily funded business, most recently valued at a whopping $47 billion, employs 10,000 people around the world.
Headquartered in New York, the layoffs were performance-related, part of the company’s routine process of shedding underperformers. Among the departments impacted by the cuts were WeWork’s engineering team, product and user experience design.
WeWork has raised more than $8 billion in venture capital funding since it emerged to disrupt office sharing. The business is backed significantly by the SoftBank Vision Fund, which invested $2 billion in WeWork as recently as January.
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