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WeWork Is Cutting About 7% of Staff

The $16 billion startup has also instituted a pause on hiring.
WeWork-Redux
Photographer: Cole Wilson/The New York Times/Redux
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WeWork Cos., the world’s largest shared-workspace startup, plans to cut about 7 percent of its staff and has instituted a temporary pause on hiring, according to e-mails obtained by Bloomberg. The cutbacks come just three months after the New York company said it raised a round of $430 million led by Chinese investors.

Managers were instructed to begin dismissals this week, said one of the e-mails. The startup, which lets members rent desks in an open office, ballooned from about 230 employees early last year to more than 1,000 today, according to research firm Mattermark.