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WeWork, owned by Meetup, cuts up to 25% of its staff

  • The WeWork Meetup firm released up to 25% of its staff on Monday, according to TechCrunch.
  • The job cuts focus primarily on his engineering department, according to the report.
  • WeWork bought Meetup two years ago for a reported $ 200 million.
  • However, he plans to downsize his business since his unsuccessful initial public offering.
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WeWork has laid off about 25% of staff at its Meetup subsidiary, TechCrunch reported on Monday.

Most job cuts are in the company's engineering department, TechCrunch said, citing unnamed sources. It is not clear how many people are affected by the cuts.

Meetup spokeswoman Shari Soofian confirmed in an email that the company had fired staff, but she did not provide details.

"We have made some organizational changes today … including restructuring in some of our departments," Soofian said in a statement.

Meetup offers an online service that helps people find others with common interests, organize groups, and plan events on a personal level. WeWork bought the company for a reported $ 200 million two years ago.

Since its unsuccessful initial public offering, WeWork plans to downsize its business, including cutting thousands of jobs through its operations. It is reportedly trying to sell Meetup along with two other startups in 2017, run by Q and Conductor.

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