WeWork to lay off 2,400 workers

Embattled office sharing startup WeWork said Thursday it will lay off 2,400 employees worldwide as the company struggles to reorganize amid mounting losses.

The news comes in the wake of the company's failed attempt to launch an initial public offering.

The dismissed workers "will receive severance, continued benefits, and other forms of assistance to aid in their career transition," a spokesperson said in a statement.

The company told shareholders earlier this month it had lost almost $1.3 billion in the third quarter, more than twice the losses recorded in the same period a year earlier.