WeWork is looking to cut costs in order to raise money following the chaos that led to the postponement of its IPO.
As of June 30, WeWork had $2.5 billion in cash and at the rate it burns through cash — around $700 million a quarter — the firm would be out of money after the first quarter of 2020.
Now, the company is looking to let go of its extra weight, such as its company jet, employees and acquired businesses.
The company has gathered up a number of startups over the past few years, including office services company Managed by Q, content marketing site Conductor, and social networking site Meetup, which are all in talks of being sold off.
Now, reports have revealed that WeWork could also sell its minority stake into female-oriented coworking community the Wing. WeWork owns about 23% of the company, which it valued at $58.8 million as of June of this year.
“We’re not doing this lightly,” said Jen Berrent, former COO of WeWork. “We are doing this to produce a long-term footprint, but at the same time, we’re not saying this has to end in an acquisition in order for it to be successful.”