3 Snowflake founders are now officially billionaires after the Buffett-backed data storage company’s record-breaking IPO

Snowflake’s Slootman, 2 others billionaires after record-breaking IPO – Business Insider

Snowflake

  • 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.
  • Visit Business Insider’s homepage for more stories.

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