Coworking aggregator giant, WeWork is contemplating selling its 23% stake in The Wing, a woman-focused coworking space. The share is worth over $58.8 million, reported in June and according to the company's IPO filing. After the recent resigning of Co-Founder Adam Neumann from his position as CEO, WeWork has been looking into cutting costs to make up for its continuously postponed IPO.
WeWork is considering selling its stake in the women's coworking space The Wing, Gillian Tan at Bloomberg recently reported.
WeWork reported in its IPO filing in August that it owns 23% of The Wing, worth over $58.8 million as of June.
The Wing's valuation was around $400 million in December 2018 when it raised $75 million in its series C funding round led by Sequoia, a source familiar with The Wing told Bloomberg.
Selling its stake in The Wing could bring WeWork millions of dollars.
The Wall Street Journal reported on September 24 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, the 9-year-old coworking-space startup, publicly filed for its IPO in August as part of The We Company; the IPO has since been shelved.
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