The CEO of this year's hottest tech IPO got $235 million richer in just 3 weeks
After pricing its IPO at $15 per share, Twilio stock has nearly tripled to close at $42.25 per share Wednesday, a new record-high.
That's a huge stamp of approval by the public market, which been lukewarm on tech stocks over the past few months.
But for Twilio CEO Jeff Lawson, that also means he's now about $235 million richer.
That's because he owns 8,635,492 shares of the company, and at Wednesday's closing price, his net share holding would be worth $364.8 million - up more than $235 million from the $129.5 million his shares were worth at Twilio's IPO 3 weeks ago.
That doesn't mean Lawson can enjoy his additional wealth just yet. He's likely under a lock-up period that prevents him from liquidating his shares.
Also, the massive price increase means that Twilio left money on the table when it IPO'd, because it could have set its IPO price higher than $15, potentially raising more money from investors.
Twilio makes cloud communications tools for software developers. Apps like Uber and Airbnb use Twilio's technology to enable calls and text messages between customers and drivers/hosts.
Twilio's stock has consistently jumped over the past 3 weeks, reaching new all-time highs almost every week. On Wednesday, its price soared another 10% after Coatue Management disclosed a new 6.25% ownership stake in the company.
Here's what it looks like to nearly triple your share price in 3 weeks: