According to a report by CNBC, WeWork has laid-off 2,400 of its employees. The move is an effort to get back to its core office-sharing business and cut cost.

“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.”

— A spokesperson told CNBC