WeWork considering selling its stake in The Wing, report says

WeWork considering selling its stake in The Wing, report says

The Wing, SoHo

The Wing cofounders Lauren Kassan, left, and Audrey Gelman.
Sarah Jacobs/Business Insider

WeWork is considering selling its stake in the women’s coworking space The Wing, Gillian Tan at Bloomberg reported on Tuesday. 

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.

WeWork and The Wing both declined Business Insider’s request for comment on the report.

WeWork is looking to cut costs

wework adam neumann 2 4x3

Wework cofounder and former CEO Adam Neumann.
WeWork; Theo Wargo/Getty Images for iHeartMedia; Samantha Lee/Business Insider

WeWork is reportedly looking to cut costs during the turmoil surrounding its delayed initial public offering and the resignation of cofounder Adam Neumann from his CEO position.

Selling its stake in The Wing could bring WeWork millions of dollars.

Read more: The WeWork IPO fiasco of 2019, explained in 30 seconds

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.

A coworking space for women

The Wing, Dumbo

The Wing’s Dumbo, Brooklyn, location.
Sarah Jacobs/Business Insider

On its website, The Wing calls itself a company keen on “advancing women by gathering them together” through “a network of work and community spaces designed with you in mind.”

The Wing currently has eight locations across the US, and it has plans to open five new locations in 2019 and 2020. The Wing is opening its first international location this fall in London.

Membership at The Wing starts at $185 per month. Amenities at The Wing’s first location in the Flatiron District of New York City include a roof deck, cafe, and beauty room.

Becky Peterson contributed to this report.


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