WeWork to lay off 2,400 employees

WeWork is laying off 2,400 employees as a cost-cutting measure, CNBC reports.

"The process began weeks ago in regions around the world and continued this week in the U.S. This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition. These are incredibly talented professionals and we are grateful for the important roles they have played in building WeWork over the last decade."

The big picture: WeWork reported last Wednesday a $1.25 billion net loss for the third quarter, more than doubling its year-earlier number.

• Axios' Dan Primack notes the results "represent WeWork's final quarter under the leadership of Adam Neumann, who was ousted after a failed IPO."
• Dan reported last month that the company "doesn't have enough money to finish out 2019," has been dealing with major losses since IPO and has signaled it would let thousands of employees go.

Go deeper:

• WeWork is running out of money
• Softbank chairman Masa Son admits poor judgment over WeWork
• The board bungle behind WeWork's fall