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The Wing crashes in value

The Wing co-founders Lauren Kassan (L) and Audrey Gelman
(Credit: Sarah Jacobs/Business Insider)
  • Co-working startup The Wing was valued at roughly $365 million in the heady days of 2018, before WeWork’s botched initial public offering cast a pall over the industry. Now, investors have pegged the Wing’s valuation at around $165 million. (Bloomberg
  • SoftBank-backed Oyo Hotels is cutting its global workforce by about 5,000 to 25,000 people. Oyo expanded rapidly after its founding in 2013 and reached a valuation of $10 billion, but investors have soured on money-losing businesses after WeWork’s meltdown and SoftBank has pushed portfolio companies to prioritize profitability. (Bloomberg)

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