WeWork-owned Meetup confirms restructuring, layoffs

WeWork’s efforts to cut costs following an ousted chief executive officer and a delayed initial public offering looks to be impacting its subsidiaries. Meetup, which WeWork acquired for a reported $200 million in 2017, announced a round of layoffs this morning, TechCrunch has learned. The company, which helps people foster in-person connections by facilitating events…

WeWork-owned Meetup confirms restructuring, layoffs

WeWork’s efforts to cut costs following an ousted chief executive officer and a delayed initial public offering looks to be impacting its subsidiaries. Meetup, which WeWork acquired for a reported $200 million in 2017, announced a round of layoffs this morning, TechCrunch has learned.
The company, which helps people foster in-person connections by facilitating events across the globe, has shed as much as 25% of its workforce, most of which were employees of the company’s engineering department, sources tell TechCrunch. 
“Meetup’s top priority is building the best possible product for our community of more than 44 million members around the world,” a representative of the company said in a statement provided to TechCrunch. “Today we made some organizational changes with that goal in mind, including restructuring across some of our departments.”
The news follows WeWork’s own well-documented attempts at restructuring its high-loss business. Late last month, SoftBank provided the over-valued coworking business a much-needed lifeline in the form of a $5 billion loan, a $3 billion tender offer and another $1.5 billion in equity funding, according to The Wall Street Journal. That’s in a
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