Forbes has announced Upstart Holdings’ co-founder and CEO, Dave Girouard who is also an ex-Google employee, as the latest tech expert to become a billionaire.
According to
Forbes, he is now worth of $1.3billion. This comes after his company’s shares
increased by a whopping 89% on a single day trading to make him a billionaire
within 24 hours.
He was a
former president of Google Enterprise Services where he built Google’s cloud
app business worldwide.
Girouard
founded Upstart, a marketplace lender that offers personal loans using
non-traditional variables such as education and employment, to predict
creditworthiness.
After the
market closed on Wednesday, the San Mateo, Calif.-based firm reported
fourth-quarter earnings that nearly tripled average analyst expectations and
posted full-year 2020 revenue of $233 million, 42% higher than in 2019. The
company now sports an eye-popping market capitalization of $8.3 billion, or 20
times trailing revenues.
“Last
quarter was monumental for us as we took the company public in the midst of a
historically complex and challenging time for the world,” Girouard said
Wednesday evening during Upstart’s inaugural earnings call. An Upstart
spokesperson said Girouard was unavailable for a Thursday interview.
Upstart
received very robust funding from VC firms and Google. According to Forbes,
Upstart received a sum of $160 million from Google Ventures, Third Point,
Khosla Ventures, First Round Capital, etc.
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