10:17:43 AM PDT - Friday, September 25th, 2020

Snowflake IPO Spurs Flood of Wealth for Silicon Valley Elite  

By Editor - Wed Sep 16, 6:48 pm

(Bloomberg) — Snowflake Inc.’s initial public offering isn’t just creating new fortunes, it’s adding to the wallets of some of Silicon Valley’s biggest names.Iconiq Capital, a multifamily office whose clients include Facebook Inc.’s Mark Zuckerberg, LinkedIn Corp.’s Reid Hoffman and Twitter Inc.’s Jack Dorsey, took part in multiple Snowflake funding rounds beginning in 2017. Its 12% stake in the company, purchased for $245 million, was worth more than $4 billion at the initial offering price of $120. By the end of Wednesday, the same stake was worth a staggering $8.6 billion.Read more: Snowflake soars into tech big leagues with $73 billion valuationShares of the cloud-computing company surged as high as $319 in New York trading before dropping back to close at $253.93. That made it worth $70 billion, about as much as Goldman Sachs Group Inc. and almost six times the $12.4 billion it was valued at in a February fundraising round.Cloud computing “is a secular trend right now,” said Bloomberg Intelligence analyst Mandeep Singh

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Snowflake IPO Spurs Flood of Wealth for Silicon Valley Elite

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