WeWork wants to sell three of the companies it has acquired since 2017, The Information's Cory Weinberg first reported on 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 is putting the companies up for sale as it looks to cut costs during the turmoil surrounding its initial public offering, according to The Information. Weinberg also reported that these companies lost 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 9-year-old coworking-space startup, publicly filed for its IPO in August as part of The We Company; the IPO has been shelved. It's now "unlikely" that the company will go public in 2019, according to The Wall Street Journal. Read about Managed by Q, Conductor, and Meetup below:
WeWork is reportedly planning to sell three businesses acquired in the past few years as the new management team move to aggressively cut costs and raise cash. The business for sale are Managed by Q, Conductor and Meetup.