WeWork is planning on laying off up to 4,000 employees following its funding rescue by SoftBank, according to the Financial Times.
The company employs about 15,000 people, according to Vox. WeWork is also planning on prioritizing its operating in the United States, European and Japanese markets, while scaling back in China, India and Latin America, FT reported.
Specifically, SoftBank is paying him up to $970 million for his shares, a $185 million consulting fee and $500 million in credit, according to CNBC.
New WeWork executive chairman Marcelo Claure wrote in a memo to employees that there would be layoffs but did not specify how many positions would be cut, according to the Financial Times.