WeWork chairman says employees soon to be laid off are taking one for the team

Mail Online | 10/25/2019 | Keith Griffith For Dailymail.com
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A leaked transcript has revealed the candid remarks of office-rental company WeWork's new executive chairman at an internal meeting, where he told employees facing layoffs that they would be 'taking one for the team'.

Marcelo Claure, a SoftBank executive who took the reins at WeWork this week as part of the Japanese investment firm's bailout of the startup, made the remarks in a staff meeting Wednesday.

Questions - Staffers - WeWork - Manhattan - Headquarters

Fielding questions from anxious staffers at WeWork's Manhattan headquarters, Claure addressed inevitable layoffs, founder Adam Neumann's staggering $1.7 billion exit package, and employee fury over stock options that are now worthless.

The staff meeting took place a day after SoftBank, WeWork's largest shareholder, took over the company and installed Claure as executive chairman. It committed an additional $9.5 billion to the roughly $10 billion SoftBank has already sunk into the startup.

'This - Bet - Mission - Company - Claure

'This is probably the largest bet ever made. That’s because we believe in the mission of this company,' Claure said in a transcript of the meeting leaked to ReCode. 'Now that said, there’s going to be some very difficult times ahead for all of us.'

The transcript corresponded to other partial leaks from the meeting, but could not be independently verified in its entirety by DailyMail.com. WeWork did not immediately respond to a request for comment on Friday morning.

Sources - WeWork - Range - Figures - Layoffs

Sources close to WeWork have mentioned a range of figures for possible layoffs in recent weeks, from as few as 2,000 to as many as 5,000.

The job cut will amount to just under a third of WeWork's global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, according to a source cited by the Financial Times.

Layoffs - Claure - Opening - Remarks - Staff

'Are there going to be layoffs? Yes. How many? I don’t know,' Claure said in his opening remarks at the staff meeting, according to the transcript.

Claure said that...
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