WeWork sells off social network Meetup to AlleyCorp and other investors

Meetup, the social networking platform designed to connect people in person, is being spun out from shared office space provider WeWork, the company confirmed on Monday. The site is being sold to AlleyCorp and other private investors for an undisclosed sum, but one that’s reportedly far less than the $156 million acquisition price WeWork paid…

WeWork sells off social network Meetup to AlleyCorp and other investors

Meetup, the social networking platform designed to connect people in person, is being spun out from shared office space provider WeWork, the company confirmed on Monday. The site is being sold to AlleyCorp and other private investors for an undisclosed sum, but one that’s reportedly far less than the $156 million acquisition price WeWork paid for the social network back in 2017.
Fortune (paywalled) was first to break the news of Meetup’s sale. The company has also now put out a press release with further details.
Meetup, which has operated for two-and-a-half years as a WeWork subsidiary, will divest itself from its parent company and continue to operate, it says. The site today serves 49 million registered members and more than 230,000 organizers who create an average of 15,000 in-person events per day.
Even before the COVID-19 pandemic, Meetup had been struggling. The company in November announced a round of layoffs amid other cost-cutting measures. And these had followed earlier cuts of 10% of staff during acquisition negotiations.
With the COVID-19 pandemic now in full force, fewer people than ever are willing and able to meet in-person, leading to M
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