WeWork's new CEOs want to sell off 3 of its businesses as the company looks to cut costs
- WeWork wants to sell three of the companies it has acquired since 2017, The Information first reported on Wednesday.
- A source familiar with the situation confirmed to Business Insider that WeWork was looking to offload three businesses: Managed by Q, Conductor, and Meetup.
- WeWork is putting the three companies up for sale as its new CEOs aims to cut costs, according to The Information.
- The move follows Tuesday's leadership shakeup at WeWork as cofounder Adam Neumann stepped down as CEO and was replaced by co-CEOs Artie Minson and Sebastian Gunningham.
- The Wall Street Journal recently reported that the new CEOs emailed staff about plans to "closely review all aspects" of the company, and that employees should expect "difficult decisions ahead."
- Visit Business Insider's homepage for more stories.
WeWork wants to sell three companies it has acquired since 2017, The Information's Cory Weinberg first reported Wednesday. A source familiar with the situation confirmed to Business Insider that the company was looking to offload three businesses: Managed by Q, Conductor, and Meetup.
WeWork put the companies up for sale as it looks to cut costs during the turmoil surrounding its IPO, according to The Information. Weinberg also reported that these companies lose money despite getting "hundreds of millions" in revenue.
The Wall Street Journal reported on Tuesday that WeWork's new co-CEOs, Artie Minson and Sebastian Gunningham, wrote in an email to employees that they planned to "closely review all aspects" of the company, and that staff should expect "difficult decisions ahead."
WeWork's larger-than-life cofounder Adam Neumann stepped down as CEO on Tuesday, saying "the scrutiny directed toward me has become a significant distraction."
WeWork, the nine-year-old co-working-space startup, publicly filed for its IPO in August as part of The We Company; the IPO has been shelved. It's now reportedly "unlikely" that the company will go public in 2019.
Read about Managed by Q, Conductor, and Meetup below: