Report: $16 billion coworking startup WeWork to layoff employees, pause hiring

WeWork plans to cut 7% of its staff after placing a pause on hiring, reports Bloomberg's Ellen Huet. However, WeWork claims that the planned cuts are part of a realignment, and that the hiring stop might be lifted as soon as next week.

"WeWork's growth and expansion continues to accelerate and we expect to add hundreds of employees between now and the end of the year," a company spokeswoman told Bloomberg. "Recent employee actions were part of the company's talent review process to ensure that we have the right teams in place that align with the company's priorities."

The coworking startup, which is also now opening coliving locations, is valued at more than $16 billion.

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