Embattled office-sharing startup WeWork confirmed on Thursday that it had cut 2,400 jobs in a round of layoffs following its failed IPO attempt. Several sources told Business Insider that layoffs had begun November 11. WeWork met with employees to announce the larger round of layoffs on Thursday at 10 a.m ET, another source familiar with the matter said.

"As part of our renewed focus on the core WeWork business, and as we have previously shared with employees, the company is making necessary layoffs to create a more efficient organization," a WeWork representative told Business Insider.

"The process began weeks ago in regions around the world and continued this week in the U.S.," the statement went on. "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."

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