WeWork is reportedly cutting up to 25% of the staff at Meetup, the startup it bought for $200 million two years ago
Category : entrepreneur
- WeWork subsidiary Meetup laid off up to 25% of its staff on Monday, according to TechCrunch.
- The job cuts were mostly focused on its engineering department, according to the report.
- WeWork purchased Meetup two years ago for a reported $200 million.
- But it has been planning to downsize its business in the wake of its failed initial public offering.
- Read all of Business Insider’s WeWork coverage here.
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Read more at: https://www.businessinsider.com/heres-why-softbank-didnt-let-wework-go-bankrupt-2019-10
Read all of Business Insider’s WeWork coverage here.
WeWork has laid off as much as 25% of the staff at its Meetup subsidiary, TechCrunch reported on Monday.
Most of the job cuts were in the company’s engineering department, according to TechCrunch. Meetup announced the layoffs Monday morning, according to the report. It’s unclear how many people were affected by the cuts.
Meetup spokeswoman Shari Soofian confirmed in an email that the company had laid off staff, but did not offer details.
“Today we made some organizational changes … including restructuring across some of our departments,” Soofian said in a statement.
A Meetup representative did not immediately respond to an email seeking comment. A WeWork representative directed inquiries to Meetup.
Meetup offers an online service that helps people find others with shared interests, organize groups, and schedule in-person events. WeWork purchased the company for a reported $200 million two years ago.
In the wake of its failed initial public offering, WeWork has been planning to downsize its business, including cutting thousands of jobs across its operations. It reportedly is trying to sell Meetup along with two other startups it purchased in 2017 — Managed by Q and Conductor.
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- Read more about WeWork:
- SoftBank could have just walked away from WeWork and its $9 billion investment. Business experts explain why it didn’t.
- SoftBank likely had the Vision Fund on its mind when it decided to rescue WeWork
- WeWork used massive discounts — in some cases, essentially giving away space for 2 years — to try to poach customers from rivals
- WeWork opened 400 locations in 3 years. In some cases, it used deep discounts to convince existing customers to relocate to help fill them.