Ever heard of WeWork? Me neither. Maybe that's why they are so broke and about to go out of business.
WeWork is one of those shared workspaces companies. Essentially you can rent workspace to use so you and/or your employees don't have to work from home. This service is usually started by tech startup companies and entrepreneurs.
Well, the company recently went public on the stock exchange, and shortly after started hemorrhaging money (aka losing a lot of it). Without a new funding on the horizon to keep the afloat, they came to the decision that they must start firing people as a last ditch effort to save this enormous failure.
But something happened.
They can't cut jobs, because they won't be able to pay anyone severance. If they don't pay severance, then they will get sued for even more money than they don't have.
The circccllleee offf bad business liffffeeeee.
Apparently the WeWork board of executives (who I'm guessing will have no issues getting their paychecks) will be meeting with the really rich people from SoftBank and JPMorgan and beg for some more cash. Not sure how that's gonna go.
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