WeWork's billionaire cofounder has pledged to give a percentage of his exit proceeds to charity
LONDON — WeWork cofounder Miguel McKelvey has committed to give a at least 2% of whatever he makes when WeWork exits — either through a stock market listing or an acquisition — to a charitable cause.
McKelvey, who set up office space provider WeWork with Adam Neumann in 2011 and is now its chief creative officer, has signed up to an initiative called "Founders Pledge".
Founders Pledge gets entrepreneurs to commit to giving a fixed percentage — at least 2% — of whatever they make when they exit their company to charity.
The WeWork executive's commitment was made last Thursday at Founders Forum — an exclusive tech conference in London that has been attended by the likes of ex-Google CEO Eric Schmidt and former Prime Minister David Cameron.
Founders Pledge CEO David Goldberg told Business Insider: "Our biggest pledge [at Founders Forum] was Miguel McKelvey from WeWork. That was a very good one." It's not clear exactly how much McKelvey plans to give.
WeWork is currently valued at around $16 billion (£13 billion) and McKelvey has a net worth of $1.66 billion (£1.31 billion), according to Forbes.
Some 920 entrepreneurs signed up to Founders Pledge in total and $300 million has been committed to charity as a result.
Other people that have committed to pledge a percentage of their exit proceeds to charity include DeepMind cofounder Mustafa Suleyman and Unruly cofounder Sarah Wood.
When it comes to donating the money, Founders Pledge aims to help entrepreneurs find charities that will have the most impact.
"We provide data, research, and due diligence so founders can make a decision about where to give," added Goldberg.
WeWork declined to comment.