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Reportedly WeWork Is Slashing Around 25% Of The Workforce At Meetup

As much as 25% of the workforce at its Meetup subsidiary will be laid off by WeWork, as per a recent report by TechCrunch. As per this report, the engineering department of the company was the one that was hit the hardest. However, it is indistinct what number of individuals was impacted by the cuts. In a statement, a company representative, stated, “At the moment, we made some organizational alterations… comprising restructuring across a few of our departments.”

An online service is offered by Meetup that assists individuals in a lookout for others with common interests, schedule in-person events, and organize groups. The firm was acquired by WeWork 2 Years back for a reported $200 Million. WeWork, in the wake of its unsuccessful initial public offering (IPO), has been looking out for ways to slim its business down, comprising slashing thousands of jobs throughout its operations. Supposedly, it is making attempts to put up Meetup for sale together with other 2 startups it bought in 2017—Conductor and Managed by Q.

On the other end, the Japan unit of WeWork can turn out to be lucrative “in the near future,” as said by the Japanese associate of the US office-space sharing startup, in the course of shareholder being skeptical over its route to profitability. An enterprise between the US startup, telco SoftBank Corp and SoftBank Group Corp (its parent firm), WeWork Japan, is budding well with elevated occupancy rates, as said by Ken Miyauchi, the CEO of SoftBank Corp.

Last month, SoftBank was compelled to save WeWork after a failed IPO attempt, making the Japanese investment group the largest stakeholder of WeWork as it directs a reorganization at the money-losing firm. The comments surfaced following a 9% increase in second-quarter operating profit was reported by the telco, surpassing predictions, propped up by its cash-cow mobile business.

David Stillwell Subscriber
Contributing Author At Chemical News Reports 24

In this fast-paced and ever-changing world, technology has been on everybody’s mind. Technology has given so much to this world and that what got David to pursue a Bachelor’s in Information Science and Technology. And after trying hands-on writing gadgets and product reviews, David dedicated his entire focus in the field of writing and it has been 5 years. Even now, he keeps on learning new things, “self-improvisation” being his key motto. David has been given the responsibility to manage the entire Technology domain of the news portal. He also plays an important role in training the newbies.

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