Shortly thereafter Tesla CEO Elon Musk strongly expressed his opinion against the work-from-home culture, Shark Tank investor Kevin O’Leary indicated that he has no problem with remote work.
What happened: Working from home isn’t morally wrong, O’Leary called in an interview with CNN on Thursday. The world, the economy and the work ethic have changed, he said.
The pandemic has necessitated a move away from office work and towards home office work, which in the past was considered too risky, the Canadian entrepreneur explained.
“Today it’s a proven method of project management,” he said.
O’Leary, who famously calls himself “Mr. “Wonderful,” Musk preferred when in doubt. In sophisticated companies like Tesla or SpaceX, It may require working in person, O’Leary said.
“But it has nothing to do with the other 10 sectors of the economy,” he added.
While noting that he has about 54 companies in almost every state and represents almost every industry, he said nearly 40% of employees are working remotely on a permanent basis.
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O’Leary also noted that his companies generated 17.5% cash flow post-pandemic with the adoption of the work-from-home environment, compared to 15% pre-pandemic.
“That’s a 20% increase in free cash flow. So you can’t tell me this isn’t working,” O’Leary said.
“In fact, I want to do more of that because I’m reducing my real estate expenses,” he added.
Why it matters: Since the pandemic, companies have been divided over whether to bring people back into the office.
Apple, for example, was strict about bringing its employees back into the office. although there were signs of reluctance.
When Meta’s Mark Zuckerberg announced layoffs in March, he shared an analysis showing that employees at the company who joined in person and worked in the office performed better than those who joined and continued to work remotely .
Some companies have introduced remote work…