The beleaguered workshare startup has sold its 23 per cent stake of The Wing to a consortium that includes Alphabet’s venture capital arm and actress Mindy Kaling. The company also recently sold off Teem, its meeting-space technology company. (The Logic, Crunchbase)
Talking point: The divestment of its non-core assets is indicative of WeWork’s recent humbling. Founded in 2010 in a burst of utopian bonhomie, WeWork sought to reflect the “We decade,” in which “collaboration [was] the future of innovation”—and snapped up like-minded assets in the years since. Yet investors balked at the company’s losses and oddly constructed corporate ladder, resulting in the company’s cancelled IPO attempt last September and subsequent turfing of CEO Adam Neumann. Management now appears to have a less hubristic view: WeWork is nothing more and nothing less than a giant commercial real estate company.