Dropbox Inc.’s warm welcome from the market has minted the startup’s second billionaire.
Co-founder Arash Ferdowsi’s net worth climbed to US$1.1 billion Friday as shares of the file-sharing company jumped as much as 50 per cent on its first day of trading. The 32-year-old Kansas native joins co-founder and Chief Executive Officer Drew Houston in the three-comma club.
Houston, 35, already a billionaire ahead of the initial public offering, saw his fortune swell US$760 million to $2.6 billion as Dropbox shares advanced 43 per cent to US$30 at 12:58 p.m. in New York, and earlier climbed as high as US$31.60. The San Francisco-based company didn’t immediately respond to a request for comment.
Ferdowsi joins Spotify Technology SA co-founder Daniel Ek and Veeva Systems Inc.’s Peter Gassner among the billionaires to emerge from Silicon Valley so far this year. Technology fortunes make up a fifth of the US$5.3 trillion of wealth tracked by the Bloomberg Billionaires Index, more than any other sector.