Sunday, 10 May 2020

Cloudflare CEO Matthew Prince Is Now A Billionaire


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Cloudflare co-founder and CEO Matthew Prince is now officially a billionaire. The 46-year-old CEO appeared on the list of billionaires on Thursday after the company’s stock reached a record high. According to a bloomberg.com report, shares of the San Francisco-based company rose 14% to $ 28.52 at 1 p.m. in New York, giving Prince $ 1.08 billion in net worth.
Cloudflare CEO Matthew Prince Is Now A Billionaire

Cloudflare was founded in 2009 by Matthew Prince, Lee Holloway and Michelle Zatlyn. Michelle, director of operations, has a 4.8% stake in the company. Prince, on the other hand, who has a 12.5% ​​stake in the company, is now worth nearly $ 1.1 billion.

The American web-infrastructure and website-security company went public in September 2019 and has seen its stock nearly double in value since. Cloudflare lost nearly $106 million on $287 million in revenues in 2019.
Cloudflare CEO Matthew Prince Is Now A Billionaire

On Tuesday, the company announced it was partnering with Chinese internet companies JD Cloud and Al, a subsidiary of Chinese e-commerce company JD.com, to operate and support 150 data centers across China. “I don’t know of a lot of companies that are investing in this area,” Prince told Forbes last week. “But I think over time it’s inevitable…If we were going to help build a better internet, that inherently meant we were going to have to build a bigger presence in China.”

Source: Forbes



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