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WeWork lays off 300 employees

Co-working giant WeWork Cos. has cut about 300 employees. That’s about 3 percent of its workforce.

Bloomberg News first broke the news.

WeWork, which calls itself The We Co., has rolled up shared office spaces around the world. It confirmed the layoffs and described them as performance-related dismissals.

The New York-based company has 10,000 employees and says it plans to add 6,000 this year.

WeWork, founded in 2010, is backed by Japanese conglomerate SoftBank Group. It recently received $2 billion, which was far below what it was expected to receive.

In November, WeWork was touted as the second-most valuable startup after SoftBank committed to invest $3 billion into the shared workspace company. The first-most valuable U.S.-based VC-backed startup is Uber Technologies Inc.

In recent years, WeWork has come under scrutiny for losing more more than it was generating. Its loss in 2017 totaled $933 million on $886 million in sales.

The Wall Street Journal noted that the company’s…

Read the full story from the Washington Business Journal.