Marcelo Claure
Source: Getty Images

WeWork and SoftBank Exec Marcelo Claure Has a Net Worth Approaching $1 Billion

By

Oct. 21 2021, Published 12:25 p.m. ET

Businessman Marcelo Claure has been involved in multiple corporations since the beginning of his career as a founder and owner of USA Wireless, Inc. in 1995. Claure has since founded wireless company Brightstar and held executive positions at Sprint, WeWork, and SoftBank Group.

Article continues below advertisement

Marcelo Claure

COO of SoftBank Group, Executive Chair of WeWork

Net worth: $900 Million

Marcelo Claure is a corporate leader in the telecommunications world and has been said to have rescued Sprint by helping the struggling company through its merger with T-Mobile in 2020. He's the COO at SoftBank Group and chairman of the board of WeWork, which went public in Oct. 2021 via a SPAC merger.

Spouse: Jordan Engard

What's Marcelo Claure’s role at WeWork?

Claure took on the role of executive chairman at WeWork in 2019 following the company’s disastrous and failed first IPO attempt. SoftBank, where Claure is also executive vice president and COO, poured millions into WeWork to bail the company out.

Article continues below advertisement

WeWork was one of the first companies to promote coworking spaces. It leases office space to companies, freelancers, startups, and businesses of all sizes. The company's revenue dropped seriously during the pandemic, partly due to short-term leasing agreements that members canceled when they were no longer going into the office.

wework
Source: Getty Images

A WeWork office space in 2019 ahead of its planned IPO.

Article continues below advertisement

WeWork began trading on Oct. 21, 2021, with the ticker symbol “WE”. Following its stalled IPO of 2019, the WeWork of today opted for a merger with a special purpose acquisition company, or SPAC. It merged with BowX Acquisition to become publicly traded on the NYSE, issuing shares at an initial price of $10 apiece.

The WeWork SPAC IPO is expected to raise up to $1.3 billion. Claure will remain as executive chair following the merger, alongside CEO Sandeep Mathrani.

Article continues below advertisement

At the $9 billion valuation given in its IPO, WeWork is far below the $47 billion valuation investors had placed on it in 2019 prior to the collapsed offering. However, Claure and Mathrani are optimistic that the changes made to WeWork's business structure during the pandemic will lead to profitability.

Article continues below advertisement

According to The New York Times, WeWork projects that its current revenue will more than double by 2024, and membership will increase by at least 50 percent.

At CNBC's recent @Work Summit, Claure said, “The corporate headquarters as we knew it, 9–5, five days a week, corporate HQ, I don’t think we’re ever going back to that.” He also noted that a large percentage of workers value flexibility, whether that means full-time remote work or a hybrid approach where they work some days at home and some in the office.

Article continues below advertisement

On CNBC's Squawk Box, Claure also said, “Three years ago the value of WeWork was zero, it was on the verge of bankruptcy and needed cash, and the fact we’ve taken it from zero to $8 billion to $9 billion in two years is great.”

Marcelo Claure’s wife and family

Claure married Jordan Engard in 2005, and they have two children together. His net worth is estimated to be $900 million, according to Celebrity Net Worth.

Advertisement

More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.