WeWork is reportedly cutting up to 25% of the staff at Meetup, the startup it bought for $200 million two years ago

CEO and a co-founder of Meetup Scott Heiferman speaks on stage during the 2015 Concordia Summit at Grand Hyatt New York on October 2, 2015 in New York City.

  • WeWork subsidiary Meetup laid off up to 25% of its staff on Monday, according to TechCrunch.
  • The job cuts were mostly focused on its engineering department, according to the report.
  • WeWork purchased Meetup two years ago for a reported $200 million.
  • But it has been planning to downsize its business in the wake of its failed initial public offering.
  • Read all of Business Insider's WeWork coverage here.
    Please only use the sharing functionality at the top of the article. These stories are exclusive to our members. Email bi-prime@businessinsider.com to buy additional rights. More information on BI Prime can be found here.

    Read more at: https://ift.tt/32PfbRM

    Read all of Business Insider's WeWork coverage here.

WeWork has laid off as much as 25% of the staff at its Meetup subsidiary, TechCrunch reported on Monday.

Most of the job cuts were in the company's engineering department, according to TechCrunch. Meetup announced the layoffs Monday morning, according to the report. It's unclear how many people were affected by the cuts.

"Today we made some organizational changes ... including restructuring across some of our departments," a company representative told Tech Crunch in a statement.

A Meetup representative did not immediately respond to an email seeking comment. A WeWork representative directed inquiries to Meetup.

Meetup offers an online service that helps people find others with shared interests, organize groups, and schedule in-person events. WeWork purchased the company for a reported $200 million two years ago.

In the wake of its failed initial public offering, WeWork has been planning to downsize its business, including cutting thousands of jobs across its operations. It reportedly is trying to sell Meetup along with two other startups it purchased in 2017 — Managed by Q and Conductor.

Got a tip about WeWork? Contact this reporter via email at twolverton@businessinsider.com, message him on Twitter @troywolv, or send him a secure message through Signal at 415.515.5594. You can also contact Business Insider securely via SecureDrop.

SEE ALSO: Firing Adam Neumann doesn't solve WeWork's biggest problem: The underlying business stinks

Join the conversation about this story »

NOW WATCH: Apple just revealed its AirPods Pro for $249, which feature noise cancellation. Here's everything that was wrong with the $159 pair of the wireless headphones.



Contributer : Tech Insider https://ift.tt/2oRwxyU
WeWork is reportedly cutting up to 25% of the staff at Meetup, the startup it bought for $200 million two years ago WeWork is reportedly cutting up to 25% of the staff at Meetup, the startup it bought for $200 million two years ago Reviewed by mimisabreena on Tuesday, November 05, 2019 Rating: 5

No comments:

Sponsor

Powered by Blogger.