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WeWork Will Sell Non-Core Businesses, Continue Adding Space
WeWork will divest seven non-core businesses, including its stake in women-focused startup The Wing, as part of a 90-day game plan. Simultaneously, the coworking giant said it was on track to add a record number of desks in the fourth quarter, exceeding the previous record of 108,000 new desks set in Q3.
The presentation to investors, made public recently, emphasized the basic viability of the WeWork platform rather than its recent travails, including a shelved initial public offering and the resignation of co-founder and CEO Adam Neumann. “Despite the noise, we have continued to perform,” according to the presentation.
As part of a focus on core business, WeWork will sell off MeetUp, Conductor, Space IQ, Managed by Q, TESM and Wave Garden. It also plans to reduce headcount while also expanding its relationship with approximately 3,350 WeWork enterprise members—i.e. WeWork users with 500 or more employees.
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- ◦Sale/Acquisition
- ◦Lease
