WeWork—WeWork laid off 2,400 employees (19% of workforce) after botched IPO
In November 2019, WeWork laid off 2,400 employees, representing 19% of its total workforce of 12,500. The mass layoffs came after the company's failed IPO attempt and mounting financial losses. Employees who had been promised bonuses and raises never received them, while the company had spent over $60 million on a Gulfstream G650 private jet for the CEO. Many employees held stock options that became effectively worthless after the valuation collapse from $47 billion to approximately $10 billion.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Worker Rights | -against | primary | -1.00 |
| Overall incident score = | -0.643 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.57)× agency (reactive ×0.75)
Evidence (1 signal)
CNBC reported WeWork laid off 2,400 employees representing 19% of workforce
CNBC reported on November 21, 2019 that WeWork laid off 2,400 employees, approximately 19% of its total workforce, following the company's botched IPO and mounting financial losses under former CEO Adam Neumann.