- 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.
McKelvey was asked how he feels about the way private companies are valued, and what he would say to critics who think WeWork doesn’t deserve its high valuation.
He responded that valuations in general are totally subjective, therefore he doesn’t pay much attention to them.
“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 $3 billion 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 about $4 billion in funding to date. 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.