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March 24, 2018 02:34 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/MJ055rtu0qU/dropbox-ipos-its-founders-are-now-billionaires
Dropbox IPOs. Its Founders Are Now Billionaires
Yesterday Dropbox finally launched its stock on NASDAQ. Reuters reports:Dropbox Inc's shares closed at $28.42, up more than 35 percent in their first day of trading on Friday, as investors rushed to buy into the biggest technology initial public offering in more than a year even as the wider sector languished... At the stock's opening price, Dropbox had a market valuation of $12.67 billion, well above the $10 billion valuation it had in its last private funding round... It has yet to turn a profit, which is common for startups that invest heavily in growth. As a public company Dropbox will be under pressure to quickly trim its losses. The 11-year old company reported revenue of $1.11 billion in 2017, up from $844.8 million a year earlier. Its net loss nearly halved from $210.2 million in 2016. CNBC reports that Y Combinator almost passed on a chance to invest in Dropbox -- which became its first IPO ever -- "because it had misgivings about bringing on a solo entrepreneur."After Drew Houston, the creator of Dropbox, scrambled to find a co-founder in time for his in-person interview, the company was admitted into YC in 2007. Four years later, venture capitalists poured money into Dropbox at a $4 billion valuation. YC has since become a power player in Silicon Valley, helping spawn numerous companies valued at over $1 billion today including Stripe, Airbnb, Instacart and Coinbase. It also backed Twitch, which Amazon acquired in 2014 for about $970 million, and the self-driving tech start-up Cruise, which GM bought in 2016 for over $1 billion. But in its 13-year history, YC had yet to see any of its companies go public until Dropbox's stock market debut on Friday... Houston is now worth over $3 billion and co-founder Arash Ferdowsi owns shares valued at more than $1 billion. Dropbox's Twitter feed posted a video from their NASDAQ debut, adding "We're so thankful for the 500 million registered users who helped us get here."Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/MJ055rtu0qU/dropbox-ipos-its-founders-are-now-billionaires
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