Earlier this week, SoftBank's Masayoshi son said it was a mistake to invest in WeWork, and shared a "simple" three-step plan to get the business back on track that was unloading Included side deals that are not profitable. Well, it looks like this could happen soon, as WeWork has released a "90-day plan" that separates itself from these non-core businesses and includes internal layoffs, as reported for the first time by CNBC was reported.
Here are the companies that WeWork says they will get rid of. One is a company that makes wave pools.
- Conductor, a digital marketing platform
- Meetup, which allows people to meet for various activities] Space IQ, which helps organizations manage physical workspaces.
- Teem, which is used to create conference room booking technology.
- Wave Garden, which creates wave pools with "groundbreaking artificial wave technology".
- The Wing, which makes co-working and community spaces for women
Here's the full schedule if you want to read it yourself. It looks like the company's new focus will be on selling office space – though it appears to target more companies, which currently make up 43 percent of the company's total membership.
Do not miss this slide casts some serious shadow on the efforts of repressed co-founder Adam Neumann to expand WeWork from 2017 to now:
Some WeWork employees seem to anticipate the layoffs, As this week, a group called the WeWorkers Coalition sent out an open letter to management demanding that they be part of the company's decision-making and more transparent and accountable to the company. Marcelo Claure, the new CEO of WeWork, has apparently responded, however, according to of the New York Times "the request of the workers for a meeting not noted".
The first page of WeWorks Investor Deck Since the date is dated October 11th, the deadline for the completion of the "Schedule", if the clock starts then, is Saturday, January 9th.