Slack’s Stock Pops And Makes CEO A Billionaire In Unusual Market Debut

Stewart Butterfield outside of The NYSE

Slack CEO Stewart Butterfield became a billionaire after the company’s stock price opened at $38.50 a share Thursday. ASSOCIATED PRESS

Slack’s unorthodox public debut gamble is paying off so far, as its stock surged in its market entrance Thursday.

According to the Wall Street Journal, shares of the work-messaging company, trading under the aptly-named ticker symbol WORK, opened at $38.50, propelling it to a valuation of $23.2 billion. The opening price is a huge 48% jump on the $26 per share reference price set Wednesday afternoon. The reference price is different from the offering price seen in traditional initial public offerings. Instead, it serves as guidance for where to start bidding, based on how company shares have fared in the private market. From February 1 to May 30, Slack reported in a prospectus to the SEC that its stocks traded privately at a volume weighted average price per share of $26.38.

Read more at Forbes at ‘Stock Pops And Makes CEO A Billionaire

Do you like our articles? What do you want to see or read about the wealthy?