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Miguel McKelvey leaves WeWork

WeWork cofounder Miguel McKelvey is leaving the company at the end of the month, CNBC reported. His departure underpins the co-working firm’s dramatic public transformation from one of the fastest growing startups in the world — once valued at $47 billion — to a real estate operator last valued at $2.9 billion.

  • Worth Noting: He leaves amidst mounting challenges at WeWork, including a new class action lawsuit over its failed 2019 IPO. Investors say the company hoodwinked them by promoting a transformation of the concept of workspace in order to sell hundreds of millions of dollars worth of stock, Bloomberg reported.
  • McKelvey has managed to escaped blame: After Neumann stepped down as CEO last year, McKelvey stayed on as Chief Culture Officer and continued to work with new leadership implemented as part of SoftBank’s bailout in October that gave the Japanese conglomerate 80 percent ownership. [CNBC+Bloomberg]

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