As per Forbes’ statistics in 2019, Miguel has a net worth of $2.9 billion, thanks mainly to his involvement in co-founding WeWork. Since leaving the company in early 2020 due to SoftBank’s acquisition, he has seen his fortunes decline significantly, as pointed out earlier in this article. Currently estimated to be worth around $900 million as we approach the end of 2023, it’s unclear whether he will continue building up wealth through new business ventures or rely on past investments. In this article, we’ll review his career and personal background to see how he achieved success.
Miguel McKelvey was born in Eugene, Oregon, in 1974. His mother, Lucia, was an entrepreneur who ran a local newspaper called ‘What’s happening.’ According to Miguel, his mother operated the local newspaper business together with other women in the neighborhood, and they inspired him to be the vibrant businessman he is today.
After primary school, he enrolled at South Eugene High School and later to Colorado College. While at college, Miguel decided to study architecture because a professor recommended the course. He transferred to the University of Oregon to register for the architecture course and graduated in 1999.
| Person Name: | Miguel McKelvey |
|---|---|
| Net Worth: | $900 million |
| Date of Birth: | 1974 |
| Place of Birth: | Eugene, Oregon |
| Gender: | Male |
| Profession: | Entrepreneur, Co-founder of WeWork |
Miguel started his entrepreneurial journey immediately after his graduation. He visited his friend in Tokyo and noticed that many people, especially students, needed help understanding English. He started a website known as English Baby, whose main goal was to help the natives learn the English language through quizzes. The business grew, but he eventually sold it to focus on other equally important things. He then moved to New York to focus on architecture because that was his profession.
Miguel worked as an architect in New York for a few years before meeting his friend, Adam Neumann, who would later become his business partner. Adam was then running a clothing business, and they shared a few business ideas to establish a solid business together. During their business idea research, they noticed that the building they were staying in had some vacant spaces they could use for commercial purposes, and they asked the landlord if he could allow them.
They turned all vacant rooms into commercial coworking spaces, and the business thrived well. In 2008, they sold the then-booming business to the landlord, and in 2010, they launched their new business known as WeWork.
WeWork was not the first business to deal with coworking spaces; but Miguel and Adam were the first to profit from it. The two realized that they could make a profit by inviting investors. They found investors and managed to broaden the business to many states.
In WeWork, Adam was the CEO, while Miguel was the chief culture officer, taking care of the logos, architecture, and company website. Within a few years, the two partners raised more than $10 billion from investors and grew their business to almost 30 countries and more than 100 cities globally. In January 2019, the company had a valuation of $47 billion.
Since 2010, WeWork has had different ventures, including WeGrow and WeLive. However, things took a sharp turn for the worse in August 2019 when WeWork filed an IPO that revealed a tremendous amount of corporate mismanagement and insider dealing by the company’s co-founders. This led to Adam Neumann stepping down from his position as CEO, with Miguel taking on some of his responsibilities temporarily. However, it was clear that something more significant needed to be done to save the company. This ‘something’ happened in 2020 when SoftBank bought approximately 80% of WeWork stock shares after a series of corporate governance changes and management upheavals. The deal valued WeWork at $2.9 billion, which constituted a significant drop from its previous valuation.
Miguel McKelvey left WeWork soon after SoftBank’s acquisition. He founded a new software-based home-design platform called WeCrushed in March 2021. The core function of the web application is to provide clients with an automated way to create custom designs for their homes or apartments. WeCrushed uses artificial intelligence and machine learning technology, allowing homeowners and architects alike to design interior spaces without spending money on traditional design services.
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Miguel McKelvey is a family man with three children. He is married to his wife, whom they have been together since their college days. His interest in his children’s education has prompted him and his wife to be actively involved in their local school district’s educational programs. Miguel McKelvey is a successful American businessman, co-founder of WeWork, and founder of WeCrushed.
As we approach the end of 2023, Miguel McKelvey is working on his new home design application called WeCrushed while overseeing investments in various companies. WeWork faced a significant corporate governance scandal that revealed internal mismanagement and insider trading by the company’s co-founders, leading to its investors’ loss of confidence.
After stepping down from WeWork’s CEO position, Adam Neumann sold almost all of his shares in the company and currently invests part-time in real estate ventures.
The Rise and Fall of WeWork’s Co-Founder, Miguel McKelvey: An Insight into His Career and Net Worth
WeWork’s downfall shocked the business world, and many were left wondering what went wrong. One of the notable figures in the company’s history is Miguel McKelvey, who played a vital role in WeWork’s success until his departure in 2022.
Miguel became known as WeWork’s chief culture officer, responsible for maintaining the unique work environment that made the company stand out. However, he stepped down from this role and now oversees operations without active involvement.
While reasons for his departure were not clearly stated, it was likely linked to the massive losses that plagued WeWork before he left. Miguel admitted leaving was one of the hardest decisions he had to make ever.
Miguel has an estimated net worth of $900 million, much of which came from his successful career in architecture and co-founding WeWork. He maintains a low profile when it comes to his personal life but features prominently in documentaries like WeCrushed.
WeWork’s failure resulted from multiple factors like its business model being unviable and skyrocketing debts that overpowered profits. As demand decreased due to remote working preferences caused by the pandemic, things only got worse for the company.
Adam Neumann, who co-founded WeWork with Miguel, resigned earlier after realizing he had become a distraction to the IPO plans. Neumann has since invested massively in real estate through firms like Flow.
In conclusion, while Miguel McKelvey played a significant role in making WeWork one of the most successful coworking businesses globally, things fell apart later as losses piled up over time due to several reasons. Nevertheless, many still see him as one of America’s most successful entrepreneurs thanks to both WeWork and his architecture career.
