WeWork is reportedly cutting up to 25% of the staff at Meetup, the startup it bought for $200 million 2 years ago

Scott Heiferman, the cofounder of Meetup, which WeWork purchased in 2017 for a reported $US200 million. Leigh Vogel/Getty Images for Concordia Summit
  • The WeWork subsidiary Meetup laid off up to 25% of its staff on Monday, according to TechCrunch.
  • The job cuts focused mostly on its engineering department, according to the report.
  • WeWork purchased Meetup two years ago for a reported $US200 million.
  • It has been planning to downsize its business, however, since 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 [email protected] to buy additional rights. More information on BI Prime can be found here. Read more at: https://www.businessinsider.com/heres-why-softbank-didnt-let-wework-go-bankrupt-2019-10 Read all of Business Insider’s WeWork coverage here.

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

Most of the job cuts were in the company’s engineering department, TechCrunch said, citing unnamed sources. It’s unclear how many people were affected by the cuts.

A Meetup spokeswoman, Shari Soofian, confirmed in an email that the company had laid off staff, but she did not offer details.

“Today we made some organizational changes … including restructuring across some of our departments,” Soofian said in a statement.

Meetup offers an online service that helps people find others with shared interests, organise groups, and schedule in-person events. WeWork purchased the company for a reported $US200 million two years ago.

Since 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 [email protected], 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.