WeWork is reportedly considering selling its stake in women's coworking space The Wing

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WeWork is reportedly considering selling its stake in women's coworking space The Wing

The Wing, SoHo

Sarah Jacobs/Business Insider

The Wing cofounders Lauren Kassan, left, and Audrey Gelman.

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WeWork is considering selling its stake in the women's coworking space The Wing, Gillian Tan at Bloomberg reported on Tuesday.

WeWork reported in its IPO filing in August that it owns 23% of The Wing, worth over $58.8 million as of June. Based on that figure, The Wing is worth over $255.8 million in total.

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This is reportedly down from The Wing's valuation of around $400 million in December 2018 when it raised $75 million in its series C funding round led by Sequoia, a source familiar with The Wing told Bloomberg.

WeWork and The Wing both declined Business Insider's request for comment on the report.

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WeWork is looking to cut costs

WeWork is looking to cut costs

WeWork is reportedly looking to cut costs during the turmoil surrounding its delayed initial public offering and the resignation of cofounder Adam Neumann from his CEO position.

Selling its stake in The Wing could bring WeWork millions of dollars.

Read more: The WeWork IPO fiasco of 2019, explained in 30 seconds

The Wall Street Journal reported on September 24 that WeWork's new co-CEOs, Artie Minson and Sebastian Gunningham, wrote in an email to employees that they planned to "closely review all aspects" of the company and that staff should expect "difficult decisions ahead."

WeWork, the 9-year-old coworking-space startup, publicly filed for its IPO in August as part of The We Company; the IPO has since been shelved.

WeWork and The Wing

WeWork and The Wing

WeWork led a $32 million series B funding round for The Wing in November 2017; at the time, it was WeWork's largest investment to date.

The Wing cofounder Audrey Gelman also called this funding round one of the largest series B fundraising efforts by female founders ever at that time.

Read more: WeWork just led a $32 million funding round for a female-run startup that's basically a social club for women

The Wing was connected to WeWork through its advisor, SoulCycle founder Julie Rice. Rice became WeWork's chief brand officer in November 2017, according to Fast Company; she left WeWork in August, The Real Deal reported.

Jennifer Berrent, a Wing board member, is also WeWork's co-president and chief legal officer.

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A coworking space for women

A coworking space for women

On its website, The Wing calls itself a company keen on "advancing women by gathering them together" through "a network of work and community spaces designed with you in mind."

The Wing currently has eight locations across the US, and it has plans to open five new locations in 2019 and 2020. The Wing is opening its first international location this fall in London.

Membership at The Wing starts at $185 per month. Amenities at The Wing's first location in the Flatiron District of New York City include a roof deck, cafe, and beauty room.

Becky Peterson contributed to this report.

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