Frank Slootman, the outgoing chief executive officer (CEO) of US-based data cloud firm Snowflake, is wealthier than both Apple’s Tim Cook and Microsoft’s Satya Nadella, according to Bloomberg Billionaires Index.
As per the Bloomberg index, Slootman, who will be succeeded by Indian-American computer scientist Sridhar Ramaswamy as Snowflake’s CEO, has a fortune of around $3.7 billion (approx. ₹30710 crore), while Cook is worth about $2 billion (approx. ₹16600 crore); Nadella, on the other hand, was not yet a billionaire as of July 2023.
How did Slootman build his fortune?
While it is rare for a non-founder in the tech industry to amass Slootman’s level of wealth, the Dutch business leader, 65, built his fortune by leading both Snowflake and ServiceNow Inc. through initial public offerings (IPOs), and headed data-storage company Data Domain, when it was acquired by EMC Corp. in 2009.
However, the news of his stepping down – he will continue as the Chairman of the Board – saw Snowflake stock plummet 18% on February 29, hours after the decision was announced. This drop alone led to Slootman’s wealth coming down by around $500 million (approx. ₹4150 crore). Additionally, over the past four years, he sold shares at an average weighted price of about $268 — well above Thursday’s drop to $188.
‘He has built companies repeatedly’
In September last year, David McJannet, CEO of software company HashiCorp Inc., praised Slootman, who, the former noted, ‘understands how hard it is to build companies and he has done it repeatedly.’
“It is no doubt concerning to see Mr. Slootman, who has a strong track record and is well regarded by investors, step down after five years in the role,” wrote Brad Zelnick, an analyst at Deutsche Bank AG, in a note Thursday.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
