Here's what WeWork is giving some laid-off employees
WeWork's recent financial implosion has led to the first round of job cuts and those being let go aren't happy about their severance.
One severance package that was extended to a recently laid-off employee of Meetup, an app for in-person social events that WeWork acquired, was obtained by Recode.
Meetup laid off 25 percent of its workforce, or about 50 employees.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The severance offer Recode reviewed provides three months in which an employee remains on the payroll with benefits but stops working — as well as one month of severance pay.
Adam Neumann, co-founder and chief executive officer of WeWork, speaks in Shanghai, April 12, 2018. (Jackal Pan/Visual China Group via Getty Images, FILE)
It may sound like a good deal to some, but the thing to keep in mind is that WeWork founder and former CEO Adam Neumann, walked away with a package worth $1.7 billion.
The laid-off workers my also sign away their right to sue the company as well as a a non-compete clause, according to Recode.
That would mean the employee can't work for a competitor for a certain period of time.
CLICK HERE TO READ MORE ON FOX BUSINESS
The company could cut as many as 4,000 positions.