According to the New York Times, the company is preparing to cut at least 4,000 jobs in its fight against escalating losses.
The news comes days after WeWork reported a record loss of $1.25 billion for the third quarter of 2019, outstripping its revenue for the quarter by nearly $300 million.
As our chart illustrates, the company racked up nearly $5 billion in losses since 2016, a fact that ultimately led to the cancellation of its planned IPO and saw its valuation slashed to $4.9 billion, down from nearly $50 billion at the beginning of the year.
It remains to be seen whether WeWork can recover from what turns out to be a disastrous year for the coworking company. For now it seems as though its business model isn’t really working.