WeWork

WeWork sells minority stake in The Wing

The WeWork logo.
Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

WeWork said that it has sold its minority stake in women co-working space operator The Wing to a group of new and existing investors, including Google Ventures. No terms were disclosed.

Why it matters: This is a reminder that WeWork isn't just a cautionary tale to be shoehorned into every scattered critique of the venture capital and startup ecosystem. It's still a commercial real estate giant that's trying to right the ship by refocusing on its core, slower-growth business.

Why firing the CEO of a company doesn't change anything

An illustration of a desk chair with springs on the seat in front of a red background.
Illustration: Aïda Amer/Axios

When a CEO is forced out of a company, a lot of people hope and expect big changes. Much like Inigo Montoya in "The Princess Bride," those people are going to have to get used to disappointment.

Why it matters: It's big news when names like Dennis Muilenburg of Boeing and Travis Kalanick of Uber are forced out of their jobs. But that doesn't mean the company is going to change. The reality is that corporate cultures change slowly if at all.