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May 7, 2020 07:27 pm

Cloudflare CEO Now a Billionaire on Stay-at-Home Streaming Surge

Cloudflare Chief Executive Officer Matthew Prince became a billionaire Thursday as the stock climbed to a record hours before the company's scheduled earnings report. From a report: Shares of the San Francisco-based firm advanced 14% to $28.52 at 1 p.m. in New York, giving Prince a net worth of $1.08 billion, according to the Bloomberg Billionaires Index. "Cloudflare has been aided by the surge in streaming, gaming and e-commerce as people stay at home," said Bloomberg Intelligence analyst Mandeep Singh. The firm, whose stock has soared about 90% since its September initial public offering, provides services such as firewalls, network routing and traffic management that allow cloud-based sites to operate more effectively. Prince, who helped launch Cloudflare in 2009, owns about 12.5% of the company, according to its latest proxy filing. Co-founder and Chief Operating Officer Michelle Zatlyn controls a 4.8% stake.

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