WeWork; Eduardo Munoz / REUTERS; Samantha Lee / Business Insider
- WeWork should cut at least 13% of the workforce, or about 2,000 jobs, according to the British newspaper Guardian.
- The newspaper reported that employees of the company began to turn on founder and former CEO Adam Neumann, and that little or no work is being done due to WeWork's precarious financial position.
- "The atmosphere is toxic. Many people worked so hard for this company. We thought we were onto something really big," an anonymous employee told the newspaper.
- For more on Business Insiders WeWork coverage, click here.
- View the Markets Insiders homepage for more stories.
WeWork is estimated to cut "at least" 2,000 jobs as soon as this week, or about 1
According to the paper, workers are given "little or no work" due to the company's uncertain financial situation. Backer SoftBank has reportedly gone in to ensure WeWork survives.
A worker told the Guardian: "The atmosphere is toxic. Many people worked so hard for this company. We thought we were onto something really big."
On the company's Slack messaging board, memes were made by Adam Neumann, as well as others who shed light on the company's current situation.
WeWork's fall from grace has come at breakneck speed. First, the long-awaited IPO pulled after the big investor SoftBank feared that investors would not be interested. It was later reported that the banks JPMorgan and Goldman Sachs helped refinance the company after major losses.
Earlier this week, Business Insider reported that WeWork's telephone booths had traces of formaldehyde, which later emerged that staff knew about as early as August.
WeWork did not immediately respond to Markets Insider to comment on the job cuts.