Real Estate

WeWork, the coworking startup valued at $16 billion, is cutting employees and freezing hiring

businessinsider.comWeWork plans to cut 7% of its staff after placing a pause on hiring, reports Bloomberg’s Ellen Huet. However, WeWork claims that the planned cuts are part of a realignment, and that the hiring stop might be lifted as soon as next week.

“WeWork’s growth and expansion continues to accelerate and we expect to add hundreds of employees between now and the end of the year,” a company spokesperson told Bloomberg.

WeWork could not be immediately reached for additional comment. Bloomberg said the company had more than 1,000 employees, citing data from Mattermark.

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