Do you ever ponder about Miguel McKelvey’s net worth? The co-founder of WeWork has amassed a significant fortune. Miguel, who describes himself as a “wild kid,” has always possessed a talent for shaking things up.

Miguel McKelvey, an American businessman, currently boasts a net worth of $500 million as of May 2023. In his post, he delves into the story of how he co-founded the renowned company.

Early Life

McKelvey hails from Eugene, Oregon, where he was raised by his mother, Lucia, who was an entrepreneur herself. During McKelvey’s early years, his mother and her friends teamed up to establish a company called What’s Happening.

During his childhood, McKelvey used to assist in the production of What’s Happening, a local newspaper that was published every two weeks.

McKelvey looks back on this period as a significant influence on his entrepreneurial journey, being greatly inspired by the dedication and hard work exhibited by all the women involved.

Attending South Eugene High School, he later pursued his college education at Colorado College. It was during his time at college that a professor recognized his potential as an excellent architectural student.

Despite having no knowledge about architecture, McKinley placed his trust in his professor and made the decision to make the shift.

In 1999, he decided to switch schools and ultimately earned his architecture degree from the University of Oregon.

McKinley relocated to Tokyo upon completing his studies, initially intending to embark on a brief visit to see a friend. However, during his time there, he quickly discovered a significant demand among the Tokyo populace for English language education.

He was compelled to initiate English, baby!

McKinley successfully operated English Baby, a website providing online English language classes for students, before eventually selling the business after a few years.

Having sold the company, he relocated to New York City with intentions of re-entering the field of architecture. He secured a position at Jordan Parnass Digital Architecture, where he worked for a few years before eventually founding WeWork.

Co-Founding WeWork

During his time as an architect, McKelvey crossed paths with his future co-founder Adam Neumann, who happened to be running a baby clothing company from the same building.

As the two entrepreneurs began to familiarize themselves with each other, they engaged in frequent conversations about potential business ventures. It didn’t escape their attention that the building they operated from had numerous unoccupied spaces.

The two individuals wondered whether their landlord would permit them to resell the vacant rooms as coworking spaces. Within a year of obtaining their landlord’s consent, they managed to generate sales worth a few million dollars from the unoccupied spaces.

With this accomplishment, the duo gained the assurance to establish WeWork, a venture that managed to amass nearly a billion dollars and attain a valuation of 10 billion dollars within a mere four years.

The role of Chief Culture Officer would be assumed by McKinley, while Neuman would serve as the CEO.

In January 2019, the company reached an impressive valuation of 47 billion, symbolizing its remarkable growth. Unfortunately, all this progress would come crashing down as soon as the scandals were disclosed to the public.

Scandals and McKelvey Leaving WeWork

In August 2019, a turning point emerged as WeWork revealed financial records exposing co-founder Adam Neumann’s utilization of the company’s funds for personal expenses.

Neumann resigned as CEO in September 2019, and the company faced numerous challenges throughout the remainder of the year.

All issues reached a climax in June 2020, ranging from investors filing lawsuits against the company to McKelvey’s announcement of his departure.

The scandal gained immense popularity within mainstream media, reaching such heights that it even resulted in a TV series on Apple TV named WeCrashed, featuring renowned actors Jared Leto and Anne Hathaway.

The TV series revolves around the company’s implosion and the scandals that unfolded throughout its downfall.

Miguel McKelvey Net Worth 2023

Miguel McKelvey, the former co-founder and chief culture officer of WeWork, has amassed a net worth of $500 million as of May 2023. His captivating journey has served as an inspiration for numerous aspiring entrepreneurs.

Just like Jamie Simioff, he displayed an entrepreneurial spirit from an early age and embarked on various business ventures before achieving his breakthrough success with WeWork.

Having parted ways with WeWork, he has positioned himself for a prosperous and financially rewarding future as an investor and advisor.

Frequently Asked Questions (FAQs)

Key Takeaways

Follow Your Entrepreneurial Itch

Since his early years, McKelvey possessed an entrepreneurial spirit, constantly embracing risks and pursuing his passion for business. As a result, he achieved remarkable success, eventually earning a prominent position among the world’s most renowned entrepreneurs.

Known When To Move On

While McKelvey played a significant role in WeWork’s remarkable success, he was also partially responsible for its eventual downfall. This situation highlights the fact that the skills required for establishing a business can be distinct from those required for its long-term sustainability.

Recognizing the onset of scandals and the subsequent downfall of the business’s staggering $47 billion valuation, he made the decision to depart. Understanding the significance of identifying the right moment to transition and embark on a new venture holds utmost importance.

Take Risks For Success

Starting WeWork with Neuman was the greatest gamble McKelvey had ever taken, but it ultimately paved the way for a billion-dollar enterprise and propelled both individuals into the billionaire league.

In entrepreneurship, it is crucial to engage in calculated risks.