WeWork is divesting assets, closing ventures, and telling investors it will reduce staff. All while facing a class-action lawsuit from an employee for mismanaging the company and an array of conflicts. Neumann has given up control to SoftBank but I suspect we haven't seen the last of the fallout. It will be interesting to see if investors start following the employee class-action.
Representatives from New York-based WeWork weren't immediately available to comment, but the investor deck's mention of divesting noncore businesses showed logos of seven subsidiary companies or investments including Meetup, SpaceIQ and Managed by Q. It also showed the logo of The Wing, the women-focused community that WeWork invested in, a potential stake sale that has been previously reported.
https://pitchbook.com/news/articles/wework-tells-investors-to-brace-for-divestitures
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