- WeWork cofounder Miguel McKelvey no longer wants to discuss his company’s valuation.
- “It doesn’t affect me and the business I’m trying to do. Valuation does not come into the equation. So why do we even need to be in that discussion? I don’t care,” McKelvey said.
- WeWork reached its $US20 billion ($AU26.3 billion) valuation after raising $US760 million in a new Series G round of funding in July.
WeWork cofounder Miguel McKelvey is sick of talking about his company’s massive $US20 billion ($AU26.3 billion) valuation.
While speaking at a [email protected] event Tuesday night, McKelvey had some colourful things to say about the topic, which were reported by The Real Deal New York.
“You can say OK it’s your opinion I’m overvalued or undervalued. Like, who gives a sh–?,” McKelvey said. “It doesn’t affect me and the business I’m trying to do. Valuation does not come into the equation. So why do we even need to be in that discussion? I don’t care. Everyone else in the world [can] discuss it.”
McKelvey’s frustration may stem from near-constant speculation about whether WeWork is deserving of its $US20 billion valuation. The company reached that threshold in July after raising $US760 million in a new Series G round of funding.
Since then, WeWork has been the subject of pieces with headlines like “
WeWork: A $US20 Billion Startup Fuelled by Silicon Valley Pixie Dust,” and “Why WeWork thinks its worth $US20 billion.” Recode’s Ed Lee said on CNBC that WeWork’s valuation is “on the high side, for sure” and Forbes called the company “a crazy bet.”
WeWork has raised over $US8 billionin funding to date, with $US4.4 billion flowing in since July. It’s the third biggest startup by valuation in the US after Uber and Airbnb, and the largest in New York City.
While McKelvey may scoff at all the focus on the company’s valuation, his co-founder Adam Neumann might not be as disinterested in the numbers. According to a Wall Street Journal report in October that cited multiple anonymous sources, Neumann has already cashed out more than $US100 million worth of WeWork shares.