Give truckers more time at rest stops . First, to our top story. Wework says job cuts will start this week. The struggling Office Sharing startup said that cuts will improve efficiency and accountability. Bloomberg has learned that about 2000 jobs will be eliminated, some 16 of weworks global workforce. Ellen huet joins us with more. What do we know about these layoffs and where it fits into their broader strategy of slimming down, if you will . Effort that has been going on in bits and pieces but it sounds like based on this new memo that the executive chairman sent this morning, it is going to start in earnest in the u. S. This week. They had already been starting to have some layoffs overseas and there have been some cuts in side businesses like meetup and other side businesses they owned, but it seems like maybe this week is going to be the big time. They had originally scheduled an all hands meeting for tuesday and another part of the memo says the meeting will be moved to friday.
Vimeo to become a publicly traded company. We will hear about the content strategy and a new hiring feature. First, our top story. More worries for wework. Pressure is mounting to oust ceo adam newman ceo adam neumann after the delayed ipo. The board was supposed to meet today but they are likely going to meet later this week. Huet covers startups and she joins me. Why the shakeup . Ellen insane week in the last week or two. Pressure first to delay the ipo and now it seems like there are reports to consider replacing the ceo, adam neumann. A lot of back and forth within the board. Maybe delay the ipo october and later. We seem to be watching as it unfolds. Possible Board Meeting this week , not expected today but likely very soon. Taylor who wants adam neumann out . Ellen that is most likely softbank. They hold two board seats. It seems like they also have support from benchmark. One board seat has been an early investor. Some viewers they remember was also instrumental in the ousting
Order. Without objection, the chairs authorized weight recess of the committee at any time. This hearing is entitled oversight of the security and Exchange Commission. I inaudible recognize myself for four minutes with an Opening Statement. Good morning. I want to welcome back chairman clayton and welcome jackson,s placement and lee to this important hearing of the secs role in risk Capital Markets. Its the First Time Since 2007, that all commissioners at this Exchange Commission have testified before the Financial Services committee. I believe it is important for the committee to hear testimony from each of the commissioners including as chairman, because he told the vote of important rally authority in these matters. They are unique reviews that the committee should be aware of. This is especially important steps that the sec is not fulfilling as wall street calls and key rules like the open rule and the rollback and our moves to implement employment reforms on issues like executive
And discussions agencies priorities including senator training and distinction over cryptocurrency. He testified before the House Financial Services committee. The committee will come to order. Without objection, the chairs authorized weight recess of the committee at any time. This hearing is entitled oversight of the security and Exchange Commission. I inaudible recognize myself for four minutes with an Opening Statement. Good morning. I want to welcome back chairman clayton and welcome jackson,s placement and lee to this important hearing of the secs role in risk Capital Markets. Its the First Time Since 2007, that all commissioners at this Exchange Commission have testified before the Financial Services committee. I believe it is important for the committee to hear testimony from each of the commissioners including as chairman, because he told the vote of important rally authority in these matters. They are unique reviews that the committee should be aware of. This is especially im
S p off by almost five and nasdaq down by 24. You see President Trump calling out china and a little afternoon, word about nancy pelosi announcing an impeachment announcement, then President Trump saying hell release the full transcript. This is just the volatility we saw. Definitely wall street watching washington to see what news comes next weworks cofounder adam neumann is stepping down as ceo. The starrup once valued at 47 billion has shrunk in a matter of weeks he said, quote, i am so proud of this team and our company. Our business has never been stronger in the recent weeks, the scrutiny towards me has become a distraction. I have decided it is in the best interest of the company that i step down as executive each will have three votes down from 20. Weworks former copresident and vice chairman have been named coceos of the company the Parent Company, we, could layoff 4,000 to 5,000 in response to this there may be a search attempt for a new ceo. They named two and said they were