- WeWork’s dual CEOs sent an email last week confirming to employees that a financing deal was in the works but also indicating this would not save them from planned layoffs.
- It included an inspirational message from the WeWork cofounder Miguel McKelvey.
- In his email, McKelvey thanked employees and said he believed that the company had a great future ahead.
- “It’s been a challenging period, and it takes fortitude to continue to believe,” he wrote.
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A couple of months ago, WeWork’s more than 12,000 employees expected to be on the other side of one of the biggest initial public offerings in history.
Today, their company is expected to sign a deal for bailout financing that will value their company at a fraction of its previous worth, and some unknown number of people, most likely thousands, will lose their jobs.
An email to the troops from the company’s two newly installed CEOs, sent last week and seen by Business Insider, confirmed that even with the new financing, layoffs were still part of the plan.
The task of keeping employee morale from going completely off the rails appears to have fallen to Miguel McKelvey, who cofounded WeWork with Adam Neumann almost 10 years ago.
The email sent last week from the CEOs included “A word from Miguel,” according to the email seen by Business Insider. It thanked employees for their “commitment,” acknowledged that it’d been a “challenging period,” and tried to inspire them to keep their chins up and keep working for the greater good of their team.
Employees have in the past described McKelvey, whose official role is somewhat vague, as the captain of We’s feel-good culture. That culture, once associated with parties and rapid expansion, is decidedly less feel-good today.
Here’s what McKelvey wrote to employees in his note:
I want to take a moment to thank all of you for your commitment, particularly these last few weeks. It’s been a challenging period, and it takes fortitude to continue to believe. We have an amazing team and incredible brand – and with renewed focus, we have an opportunity to build an outstanding business.
The vision for WeWork has ALWAYS been about community. It’s been about working together to accomplish things greater than what we can accomplish on our own. More now than ever, our dedication to showing up for each other will prove to be what makes us exceptional and differentiates us from any other company.
I am here because I believe deeply that our work matters and that we will continue to be successful as long as we persist in moving forward with positivity.
My door is always open.