WeWork lays off 2,400 employees globally to cut cost, stabilise business

The laid off employees will receive severance, continued benefits, and other forms of assistance to aid in their career transition.

WeWork said on Thursday it is laying off around 2,400 employees globally, as the office-sharing company seeks to drastically cut costs and stabilize its business after it transformed from being a Wall Street darling into a pariah in a matter of weeks.

"As part of our renewed focus on the core WeWork business, and as we have previously shared with employees, the company is making necessary layoffs to create a more efficient organization," a company spokeswoman said in a statement.

"This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition," the New York-based company added.