The We Company, the parent company of co-working firm WeWork, confirmed it has laid off 300 employees, or about 3% of its total workforce. It claims the dismissals were performance related.
The nine year old company says it would soon hire more employees, perhaps as much as 6,000 this year.
“Over the past nine years, WeWork has grown into one of the largest global physical networks thanks to the hard work and dedication of our team,” said a WeWork spokesperson in an email to Bloomberg.
This is not the first time WeWork has culled its staff numbers. In 2017 the company cut 7% of its workforce, despite attracting millions from investors and buying properties that would make up its global co-work space network. Last year, Softbank invested more than $10 billion in WeWork.
WeWork currently has 10,000 people on its staff.