WeWork has a pretty tough road ahead. Softbank (WeWork's majority owner) is walking back part of its $3 billion deal to buy back shares from employees and investors. SoftBank was scheduled to close on its stock buyback on April 1st, but the firm has said it is not obligated to go through with it due to ongoing government investigations into WeWork. The co-working firm is considering legal action against SoftBank if it doesn’t follow through with its buyback plan.
The firm announced it would be laying off 250 more people (not related to Covid-19) in its development department.