WeWork is laying off 3 percent of its global workforce, but plans to hire 6,000 new employees by the end of the year.
The on-demand office space rental company is preparing for the layoffs, just as it’s announcing it is delaying plans for an initial public offering after investors raised questions about financial discipline.
The business is heavily funded and was recently valued at $47 billion dollars just months after a $2 billion dollar investment from Softbank.
Three years ago, WeWork laid off 7 percent of its staff and currently the company has around 12-thousand employees.
Parent company, The We Company, is expecting to add 6,000 new employees by years end, and plans replace the 3 percent it's letting go by the end of September.