WeDontWorkAnymore: “WeWork plans to axe 4,000 staff. Yesterday it was only 2,000.” Most should be NYC based.

www.ft.com/content/ffa49378-f5b4-11e9-a79c-bc9acae3b654

Represents about 30% of the current workforce.

Mr Claure added: “But I will promise you that those that leave us will be treated with respect,
dignity and fairness. And for those that stay, we will ensure everyone is aligned and shares in
future value creation.” WeWork declined to comment.
One former employee told the FT that there was “a lot of anger” inside the company, with staff
venting their frustrations about the sums Mr Neumann stood to collect under the SoftBank deal, including a $185m “consulting fee”.

Many disgruntled WeWork employees hold shares in the company that were issued to them at a
value above the $19.19 a share at which SoftBank is offering to buy them in a $3bn tender. The
SoftBank offer values WeWork at about $8bn, far below its recent funding rounds including a
SoftBank-led round that valued the company at $47bn this year.

One person who joined WeWork more than three years ago said he received a grant of stock at the
time that was priced at $20 a share, while the thousands of people who joined in more recent years
received stock at higher valuations.

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