Oct 1, 2019

Scoop: WeWork looking to sell even more of its acquisitions

Ina Fried, author of Login

Illustration: Sarah Grillo/Axios

WeWork plans to spin off or sell 2 more of its recent acquisitions — SpaceIQ and Teem — in addition to others that have been reported, according to a source familiar with the matter.

Why it matters: After replacing its CEO and shelving its IPO, the company is looking to boost its balance sheet and focus on its core co-working business.

As was reported by The Information last week, the company is looking to spin off Managed by Q, Meetup and Conductor, and it has already received interest, the source said.

As for SpaceIQ and Teem, both are tech companies that help businesses manage their space.

  • Teem, which WeWork acquired a year ago, has a variety of software for businesses, including managing conference-room bookings and handling visitors arriving at the lobby.
  • SpaceIQ, acquired in July, allows a company's real estate department to handle tasks such as managing floor plans and desk assignments.

The big picture: Divesting recent purchases isn't the only change being made by new management. The company has also fired a number of executives with close ties to former CEO Adam Neumann, and layoffs are reportedly in the offing.

Go deeper: We(re)Work: One week, many changes

Go deeper

Updates: George Floyd protests continue past curfews

Protesters on Tuesday evening by the metal fence recently erected outside the White House. Photo: Olivier Douliery/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday night across the U.S. for the eighth consecutive day — prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Protesters were still out en masse for mostly after curfews were in force in cities including Washington, D.C., New York City, Los Angeles and Portland — where police used pepper spray and flash bangs on a group throwing projectiles at them during an "unlawful assembly," per KATU. Portland police said this group was separate to the thousands of demonstrators who protested peacefully elsewhere in the city.

Primary elections test impact of protests, coronavirus on voting

Election official at a polling place at McKinley Technology High School in Washington, D.C. Photo: Drew Angerer/Getty Images

In the midst of a global pandemic and national protests over the death of George Floyd, eight states and the District of Columbia held primary elections on Tuesday.

Why it matters: Joe Biden, the presumptive Democratic nominee, needs to win 425 of the 479 delegates up for grabs in order to officially clinch the nomination. There are a number of key down-ballot races throughout the country as well, including a primary in Iowa that could determine the fate of Rep. Steve King (R-Iowa).

Iowa Rep. Steve King defeated in GOP primary

Rep. Steve King. Photo: Alex Wroblewski/Getty Images

State Sen. Randy Feenstra defeated incumbent Rep. Steve King in Tuesday's Republican primary for Iowa's 4th congressional district, according to the Cook Political Report.

Why it matters: King's history of racist remarks has made him one of the most controversial politicians in the country and a pariah within the Republican Party.