Pinterest Inc. co-founders Paul Sciarra, Evan Sharp and Ben Silbermann added US$750 million to their collective fortunes Wednesday after the company reported quarterly sales that beat analysts’ expectations.
Strong advertiser demand and a growing user base helped boost the scrapbooking company’s revenue by 58% from a year earlier. Pinterest shares soared 28 per cent in late trading in New York, even as the broader market fell the most in months.
Wednesday’s jump means the three are now worth a combined US$5.8 billion, according to the Bloomberg Billionaires Index, more than double what it was three months ago.
San Francisco-based Pinterest is among the companies benefiting as consumers increasingly turn online for social engagement, entertainment and communication. The world’s wealthiest tech billionaires have become US$409 billion richer year-to-date, a bigger gain than those in any other industry, according to the Bloomberg index.
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Founded in 2009, the image-sharing site now has more than 400 million monthly active users.
Chief Executive Officer Silbermann has pocketed US$115 million this year selling Pinterest stock through a prearranged trading plan, according to data compiled by Bloomberg. He currently holds 51 million shares valued at US$3.2 billion and received US$46 million in pay and stock awards in 2019, according to Securities and Exchange Commission filings.