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$16 Billion Valuation Startup WeWork Laying Off Employees

As per news sources WeWork, a New York-based coworking space startup, is on the verge to reduce 7% of its staff. Valued at $16billion, such layoff doesn’t mean the company in bad shape. According to company officials, this will help them to review the existing team and find those who are good enough to retain to contribute to the growth of the company. The news does not carry any negative impact on the company’s future operations. Mostly layoff occurs when the Startup are dried out of funds.

Founded in 2010, WeWork has overall raised $1.43 billion in the 7 rounds of investment. Most recent funding was in March 2016 of $430 Million. The startups look to have a sustainable amount of funds raised with less time to perform.

What matters now?
The staff cut in low, and next hiring is going to begin soon according to Wework. Next milestone is to restructure the team, finding the most valuable resources with the startup and aiming head for future expansion. Because the accelerated growth of startup demands resourceful workforce. Targeting the Co-Working section, WeWork has performed well in the past. It has become one of the leading office space and amenities providers.

Takeaways :-

  • WeWork planned to reduce 7% workforce in the process of team realignment.
  • Momentarily paused hiring, the startup aims to find the best team for the growth.
  • WeWork is a $16 billion valuation startup.

The Author

Startup-Buzz Team

Startup-Buzz Team

Startup-buzz Team is a collaborative group of entrepreneurs, researchers, writers and experienced professionals. Tied up together to bring the latest Startup Buzz going around the globe.

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