Co-working space provider WeWork might lay off 500 employees: Report

SoftBank-backed co-working space provider WeWork is planning to cut 500 tech roles, TechCrunch reports.

The New York-based company is expected to remove 350 employees from software engineering, product management and data science teams.

Another 150 employees are expected to be let go as the company plans to sell several assets, including Managed by Q, Teem, SpaceIQ, Conductor and Meetup.

This move is reportedly aimed to cut costs ahead of its initial public offering (IPO).

The company has about 15,000 employees and expects to further see as many as 2,000 job cuts, the report added.

Last month, WeWork’s chief executive officer Adam Neumann had stepped down from his position.

“While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive,” Neumann had said at the time.

Also, in September, the Japanese conglomerate SoftBank group asked WeWork to postpone its proposed IPO.