WeWork to sell off Meetup, cut jobs across units as part of turnaround plan
WeWork says it will divest from several side business and job cuts across several units as part of a 90-day plan to turn around its business following its botched attempt to sell stock on Wall Street.
The office-sharing company revealed the plans Friday in a presentation that was first shared privately with investors in October. The businesses WeWork will sell off include the online event organizer Meetup and its stake in the woman-focused co-working company The Wing.
The presentation showed that WeWork pressed on with its rapid expansion even as its initial public stock offering unraveled, a crisis that forced the ouster of its co-founder Adam Neumann. In the third quarter of 2019, WeWork added a record 108,000 desks in newly built office spaces.