Pink slips are going out at WeWork Thursday as the company tries to revamp after a disastrous IPO that had to be pulled.

The office-sharing company announced it is letting go of 2,400 employees around the world.

The job cuts are just the latest sign of how far from grace this former Silicon Valley darling has fallen.

Its CEO was forced out and major investor Softbank had to step in with a $9.5 billion lifeline to stave off a further declines in its investment.

The trouble all began on the road to a market debut when investors questioned the firm's corporate governance, business model and mounting losses.

All the scrutiny made it hard to get the IPO off the ground - a stunning reversal for a company that was given a $47 billion valuation in January.

The layoffs announced Thursday are the biggest step yet by Softbank to make sure WeWork refocuses its energy on the core business of office sharing and turning a profit.