WeWork's cofounder on the company's $20 billion valuation: 'Who gives a s---?'
WeWork
- 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 $20 billion valuation after raising $760 million in a new Series G round of funding in July.
WeWork cofounder Miguel McKelvey is sick of talking about his company's massive $20 billion valuation.
While speaking at a CornellTech@Bloomberg event Tuesday night, McKelvey had some colorful 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 $20 billion valuation. The company reached that threshold in July after raising $760 million in a new Series G round of funding.
Since then, WeWork has been the subject of pieces with headlines like "WeWork: A $20 Billion Startup Fueled by Silicon Valley Pixie Dust," and "Why WeWork thinks its worth $20 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 $8 billion in funding to date, with $4.4 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 $100 million worth of WeWork shares.
Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- FPIs make remarkable comeback, infuse ₹2 lakh cr in FY24
- PM Modi and Bill Gates discuss AI, climate change, millets and more
- Consuming excessive salt and inadequate potassium, protein is making North Indians prone to life-threatening diseases: Study
- Upcoming cars and two-wheelers launching in India in April 2024
- Ice melt in Antarctica and Greenland is slowing Earth's rotation, affecting timekeeping: Study