By Joseph Menn, Elizabeth Culliford, Katie Paul and Carrie Monahan
NEW YORK WeWork said on Thursday it is laying off around 2,400 employees, almost 20% of its workforce, as the office-sharing company seeks to drastically cut costs after it transformed from a Wall Street darling into a pariah in a matter of weeks. | Video
NEW YORK SoftBank may be rescuing WeWork with a $9.5 billion cash injection but most rivals say they believe the office space sharing company is still in critical condition.
(This October 23 story corrects 16th paragraph to show that WeWork has sites in 123 cities, not countries)
(This October 23 story corrects 16th paragraph to show that WeWork has sites in 123 cities, not countries.)
Oct 23 WeWork's new Executive Chairman Marcelo
Claure on Wednesday defended huge payouts to the office-sharing
company's founder Adam Neumann and said there is now "zero risk
of the company going bankrupt," according to an audio recording
of a meeting he held with employees that was reviewed by
NEW YORK WeWork has opened almost as many new locations in the last 3-1/2 months as it did in the whole first half of this year, likely accelerating the speed with which the office-sharing company is burning through cash as increasingly hard-nosed investors scrutinize its prospects for going public.
* Ninety-four sites added since July, versus 97 in first