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WeWork Makes Small Round Of Job Cuts : Report

WeWork made a small round of job cuts in a New York City unit that manages on-demand office rentals, after announcing plans to delay an initial public offering, Bloomberg reported citing three people familiar with the matter.

The dismissals affected fewer than 10 employees in the WeWork Now division, the report said.

WeWork planned to start promoting the share sale with institutional investors on Monday and to list shares within the following week. Wework hopes to complete the share sale by the end of this year, other reports said.

Wework was reportedly seeking to raise between $3 billion and $4 billion from the listing with the entire company valued at $20 billion. The valuation has plunged from $47 billion in January.

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