It's not surprising to see them torching staff. What is surprising is that 5,000 employees would be one third of the total. Why would a company that just leases and subleases office real estate need 15,000 employees? What do they do, and why? This is the kind of company that would normally have a staff of 50 or so, most of whom are lawyers, finance experts, or real estate experts. I will admit that I did not read the S-1 because I don't consider this company investable anyway, with or without Mr. Neumann, so perhaps someone who did can explain what all those people are doing. Or more likely not, which is why they're getting the boot.