The giant co-working space company WeWork which now known as the We Company fired 300 employees which are 3% of its total staff, as per the report by TechCrunch.
Head office based in New York, WeWork raises total $8 billion funding and valued at a whopping $47 billion. SoftBank Vision Fund is the largest shareholder in the company, invested $2 billion in January.
The company employs 10,000 people around the world.
As per the sources, the reason behind the layoffs was performance and the company’s routine process of shedding underperformers. Most of the layoffs happen in WeWork’s engineering team, product and user experience design.
“Over the past nine years, WeWork has grown into one of the largest global physical networks thanks to the hard work and dedication of our team,” the company said in a statement provided to TechCrunch.
“WeWork recently conducted a standard annual performance review process. Our global workforce is now more than 10,000 strong, and we remain committed to continuing to grow and scale in 2019, including hiring an additional 6,000 employees.”