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After a rocky start to 2016, Zenefits is trying to make good by cutting its valuation and giving some investors a larger piece of the pie. (Photo: iStock)

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.

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