Monday, as its owner, the embattled real estate startup WeWork, looks to cut costs after a highly-publicized failed IPO attempt and a major decrease in its valuation.
The layoffs were announced Monday and were concentrated in the company’s engineering department, TechCrunch reported.
WeWork may be looking to sell Meetup and two other startups it acquired in 2017 altogether, Managed by Q and Conductor, in an effort to further cut costs. It is still unclear if WeWork will move forward with a potential sale following the layoffs. Co-working giant WeWork acquired the app, which lets users organize and find in-person events centered around shared interests, in 2017 for a reported $200 millionKey background
: The Meetup restructuring comes as its owner WeWork is looking to cut costs after a disastrous IPO attempt, the ouster of the company’s founder and CEO Adam Neumann and the public unraveling over the last few months of the startup once valued at $47 billion. WeWork last month accepted a $9.5 billion bailout offer from its largest shareholder Softbank, which may also be laying off 4,000 people, or 30% of its workforce.
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