Toast’s three co-founders are all billionaires after company’s IPO [CNBC]
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Source: CNBC
After toast’s market cap topped $30 billion in its debut on Wednesday, each of the founders owns shares worth over $1 billion. They join a long and growing roster of tech founders to join the three-comma club in 2021. Toast’s surge past $30 billion in market cap in its stock market debut on Wednesday turned all three of its co-founders into billionaires. Steve Fredette, Aman Narang and Jonathan Grimm started the company in 2012 after their prior employer, Endeca, was sold to Oracle for $1 billion. They stayed home in Cambridge, Massachusetts, where Endeca was based, and built their restaurant hardware and software system by testing products on local bars, restaurants and cafes. Fredette, Toast ’s president, owns 33.2 million shares for a stake worth $2.1 billion as of Wednesday’s close. Grimm, the company’s chief technology officer, controls 26.8 million shares worth $1.7 billion, while Narang, the chief operating officer, owns 24.6 million shares for a stake valued at just over $
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