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WeWork recently filed paperwork disclosing its financial specifics ahead of its initial public offering.
In 2017, WeWork raised $1.7 billion, and investors bought in at $57.90 per share according to Pitchbook. While it is unclear what the value of each stake will be when the company prices its shares before it starts trading, here are estimates of the value of all classes of shares at $58.
It was not revealed how much stake CEO Adam Neumann has sold, but WE Holdings LLC is the largest shareholder in the We Company. WE Holdings LLC is a separate company controlled by Neumann and co-founder Miguel McKelvey. It currently has over 2.4 million shares of Class A common stock and 111.9 million shares of super voting rights in Class B Shares. If each share is worth $58, Neumann’s stake is worth over $6.7 billion.
The S-1 says that Rebekah Neumann, co-founder and CEO of educational branch WeGrow, has never been paid a salary from The We Company. Since Adam Neumann is her husband, she is likely the co-owner of his vast stake which is worth over $6.7 billion.
While the S-1 did not reveal the stake of McKelvey, it showed that he is part of WE Holdings LLC, which controls about 114.3 million shares mostly belonging to Neumann. A footnote in the S-1 implies that 11.7 million Class B shares are not owned by Neumann, so it could be inferred that these belong to McKelvey. This would mean his stake is worth almost $679.8 million.
This is all hypothetical, as it is still not known how much each share will be when the company is traded.
