Have you ever wondered what the net worth of Miguel McKelvey is? The co-founder of the company WeWork is worth a fortune. As a self-proclaimed “wild kid,” Miguel always had a knack for being a disruptor.
As of May 2023, Miguel McKelvey has a net worth of $500 million. His post explores how the American businessman co-founded the infamous company.
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Early Life
McKelvey was born in Eugene, Oregon. He was raised by his mother, Lucia, who was also an entrepreneur. His mother and her friends started a company when McKelvey was young called What’s Happening.
What’s Happening was a bi-weekly local newspaper that McKelvey would help out on during his childhood.
McKelvey remembers this time as really influencing his entrepreneurial journey and was inspired by the hard work all the women put in.
He would go to South Eugene High School, and for college, he enrolled in Colorado College. It was while he was at college when a professor told him he’d be a great fit as an architectural student.
McKinley knew nothing about architecture but decided to trust his professor and made the shift.
He would transfer schools and end up getting his architecture degree from the University of Oregon in 19999.
After graduating, McKinley moved to Tokyo for what he thought would be a short trip to visit a friend. While there, he realized there were a lot of people in Tokyo who wanted to learn English.
This led him to launch English, baby!
English baby was a website for students to take English language classes online. The business was successful, and McKinley ran it for a few years before eventually selling it.
After selling the company, he moved to New York City, where he would get back into architecture. He took a job at Jordan Parnass Digital Architecture, where he stayed at for a few years before eventually launching WeWork.
Co-Founding WeWork
While McKelvey was an architect, he met future co-founder Adam Neumann. Neumann, at the time, had a baby clothing company where he was working out of the same building as McKelvey.
As the two entrepreneurs started to get to know one another, they frequently discussed business ideas. They both noticed that there were many vacancies in the building they worked in.
they were curious if their landlord would allow them to resell the empty rooms as coworking spaces. In just one year of getting their landlord’s agreement, The two have sold vacant spaces for a few million dollars.
This gave the two the confidence to Launch WeWork, which in only 4 years raised almost a billion dollars and achieved a 10 billion dollar valuation.
McKinley would take the role of Chief culture officer, while Neuman would take the CEO role.
The company grew to such heights that, in January 2019, it achieved an evaluation of 47 billion. However, this would all crumble when the scandals were released to the public.
Scandals and McKelvey Leaving WeWork
It was in August 2019 when things seemed to start unraveling. In August, WeWork disclosed Financial documentation that showed that co-founder Adam Neumann had been charging personal expenses on the company’s account.
In September 2019, Neumann stepped down from CEO, and the rest of the year was riddled with issues for the company.
In June 2020, all issues came to a head, from investors suing the company to McKelvey announcing his departure.
The scandal became so popular in mainstream media that there is even a TV series on Apple TV starring Jared Leto and Anne Hathaway called WeCrashed.
The TV show is about how the company imploded and the scandals that took place along the way.
Miguel McKelvey Net Worth 2023
As of May 2023, Miguel McKelvey has a net worth of $500 million. The former chief culture officer and co-founder of WeWork has an exciting story that inspired many aspiring entrepreneurs.
Similarly to Jamie Simioff, he was entrepreneurial from a young age and started companies before he found his breakthrough with WeWork.
Although he is no longer with WeWork, he has set himself up for a successful and lucrative life as an investor and advisor.
Frequently Asked Questions (FAQs)
How much are WeWork founders worth?
Adam Neuman is still a billionaire, even after his falling out with WeWork. Since his departure, he has started a company called Flow which focuses on residential real estate vs. commercial.
Although McKelvey is not currently a billionaire, at the peak of WeWork in 2019, his net worth was $2.9 billion, according to Forbes.
Was WeWork ever profitable?
Surprisingly, WeWork was never profitable while Neuman and McKelvey were there. This is mainly because of the business model of WeWork. To grow, they needed to take out a lot of debt to lease office space, but tenants would often only stay for the short term.
This would often lead the company to have consistent debt obligations without guaranteed recurring income.
Are Miguel and Adam friends?
When the two met, they initially formed a friendship over entrepreneurship. However, there aren’t any reports on whether they are still friends.
What happened to Miguel McKelvey from WeWork?
After leaving WeWork, he became an advisor at Known Holdings, a financial services platform based in New York.
He stayed there for a little over a year before leaving to join NAYAH as a Partner. He is still at NAYAH to this day.
Key Takeaways
Follow Your Entrepreneurial Itch
McKelvey was entrepreneurial from a young age. He took chances and followed his passion for business, eventually becoming one of the most well-known entrepreneurs in the world.
Known When To Move On
Although McKelvey achieved great success with WeWork, he also was a part of the reason it unraveled. Sometimes, the skills needed to start a business differ from those needed to maintain a business.
When the scandals started unfolding, and the business lost its sky-high 47 billion dollar valuation, he left. Knowing when it’s time to move on and join your next venture is important.
Take Risks For Success
The biggest risk McKelvey ever took was starting WeWork with Neuman. This decision would eventually turn into a billion-dollar company and allow the two to become billionaires.
Taking calculated risks is essential in entrepreneurship.