WeWork is now worth $8 billion—that's $39 billion less than it was worth just ten months ago. Getty ImagesTopline: An embattled WeWork will reportedly slash around 30% of its global workforce, or 4,000 jobs, the Financial Times reported, days after it was bailed out by its largest backer, SoftBank, in a deal worth nearly $10 billion. Some 1,000 of those jobs will affect maintenance staff, with cleaning operations reportedly set to be outsourced, according to the FT. The firm’s botched IPO triggered Neumann’s ousting as CEO amid mounting scrutiny over his leadership and WeWork’s business model. Further reading:Masayoshi Son Confirms Softbank Will ‘Double Down’ On WeWork In $5 Billion Rescue Deal (David Dawkins)New SoftBank Deal Lets WeWork Cofounder Adam Neumann Walk Away A Billionaire (Jennifer Wang)

Source: Forbes October 24, 2019 13:07 UTC