Zenefits is effectively cutting the value of its most recent funding round to $2 billion from $4.5 billion so the reeling San Francisco-based startup can give some investors a larger ownership share of the company, after laying off hundreds of employees.
"I want to thank our investors for reaffirming their confidence in us. We take our commitment to you seriously to build value for all shareholders," Zenefits Chief Executive Officer David Sacks said in a statement Thursday.
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