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WeWork Will Shift to Profit Over Growth, Executives Tell Staff

Bloomberg business news
WeWork’s Enterprise Value Is ‘Less Than Zero,’ NYU’s Galloway Says
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WeWork will spend the next month putting together a plan that will prioritize profit over growth, executives said in a meeting with employees Wednesday.

Marcelo Claure, the new chairman who joined from SoftBank Group Corp., and Miguel McKelvey, the co-founder and chief culture officer, spoke to staff at headquarters in New York for the first time since WeWork announced a takeover by its largest shareholder, SoftBank. They reiterated that staff cuts are coming and addressed some questions from anxious employees, according to people who attended the meeting.