Here’s what WeWork is giving laid-off employees who aren’t named Adam Neumann

WeWork recently laid off its first round of employees after the coworking company’s recent implosion — and some former staffers are unhappy with the severance packages they’re being offered. Recode obtained a severance package that was extended to a recently laid-off employee of Meetup, an app for in-person social events that WeWork acquired. On Monday,…

Here’s what WeWork is giving laid-off employees who aren’t named Adam Neumann

WeWork recently laid off its first round of employees after the coworking company’s recent implosion — and some former staffers are unhappy with the severance packages they’re being offered.
Recode obtained a severance package that was extended to a recently laid-off employee of Meetup, an app for in-person social events that WeWork acquired. On Monday, Meetup laid off 25 percent of its workforce, or about 50 employees, according to a source. Today, another WeWork-owned company, the coding bootcamp Flatiron School, also laid off dozens of employees.
Meetup is one of several companies WeWork acquired in the past few years that is reportedly up for sale.
The severance offer Recode reviewed (which may not apply to all terminated employees) provides three months of “garden leave” — in which an employee remains on the payroll with benefits but stops working — as well as one month of severance pay.
While four months of pay might sound pretty generous, it’s in stark contrast to the $1.7 billion golden parachute investors handed to WeWork founder and former CEO Adam Neumann. The contract also asks laid-off workers to sign away their right to sue the company over workplace issues and agree to a non-compete clause. That would mean the employee cannot work for a company that competes with WeWork’s wide array of business lines under a preexisting employment contract that sources say could last for between six and 12 months.
As anxious WeWork employees await larger cuts of up to 4,000 jobs in total, this first round of layoffs is raising questions among an already upset staff about whether WeWork rank and file should be getting a better deal, particularly when Neumann walked away with an unprecedented sum for a CEO who brought his company from record heights to near financial ruin.
“WeWork is happy to cash out Adam’s equity and give him a big check, but employees like me that need that cash aren’t getting any value for our equity,” said one former Meetup employee who spoke on the condition of anonymity.
After numerous reports of financial mismanagement and erratic behavior, Neumann stepped
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