Drew Angerer/Getty ImagesAs it begins life under new leadership following the departure of embattled cofounder Adam Neumann, WeWork is looking to divest some assets and sell off parts of its business in a bid to better prepare for another attempt at an initial public offering.
To replace Neumann, WeWork announced two new CEOs, Artie Minson and Sebastian Gunningham, who have been quick to aggressively cut costs and raise cash. The move comes none too soon, as the company looks to restore investor confidence and save its IPO. The real estate and workspace firm will sell three companies—all of which were acquired within the last two years,on Wednesday. The three segments of its business being put up for sale are: office management company Managed by Q, networking service Meetup and marketing firm Conductor.
WeWork is also selling the private plane used by Adam Neumann, a luxurious Gulfstream G650 that the company bought for $60 million last year,
They are clearly ruined. I’ve never seen a business running on 2 CEOs who made it to success. WeWork is playing it’s last songs on the market. If they do not change this behaviour, IPO will be less than 1000 dollars by bankrupcy.
I never understood the hype...especially when building owners and landlords can replicate the business model easily....really low barrier to entry if you have the real estate.
What? Cut back on the inventory of Cocaine?
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