3 Snowflake founders are now officially billionaires after the Buffett-backed data storage company's record-breaking IPO
Sep 17, 2020, 03:51 IST
- Snowflake CEO Frank Slootman, former CEO Bob Muglia, and cofounder Benoit Dageville are now billionaires after the data storage firm's blockbuster IPO, Forbes reported.
- The eight-year-old data storage firm shot up as much as 165% in mid-day trading in what is so far the biggest IPO of 2020, and the biggest software IPO of all time.
- Even before his official induction into the three-comma club, Slootman was already paid more than the CEOs of Oracle, Microsoft, and Salesforce because of the startup's complex executive compensation scheme.
- Slootman now has a net worth of $1.8 billion, Forbes estimates, but told the magazine that his new status “means very little.”
- Despite leaving Snowflake in 2018, the IPO spiked Muglia's net worth to $1.4 billion. Dageville is worth $2 billion.
- Many other Snowflake employees and investors including Warren Buffett, Sequoia, Iconiq Capital, and Salesforce are set for windfalls as well, per Forbes.
- A representative for Snowflake declined to comment for this article.
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