SmileDirectClub’s Founders Are No Longer Billionaires As Stock Unravels [Forbes]
SmileDirectClub, Inc. (SDC)
Last smiledirectclub, inc. earnings: 2/25 04:03 pm
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Source: Forbes
SmileDirectClub’s Founders Are No Longer Billionaires As Stock Unravels When SmileDirectClub went public in September, the company’s 30-year-old founders became two of the youngest billionaires in the nation, joined by one of their fathers. A little more than a month later, with shares cratering, all three have lost their billionaire status. SmileDirectClub’s stock has dropped by 60% since it went public last month, making it one of the worst-performing IPOs of the year. Shares have plummeted as the company, which makes custom teeth aligners, battles a short seller waging a boisterous campaign and a third state regulator looking to impose new restrictions on its operations. SmileDirectClub founders Jordan Katzman and Alex Fenkell, both 30, are now worth an estimated $770 million and $700 million, respectively. David Katzman, Jordan’s father and SmileDirectClub CEO, has $970 million. All three sold over $100 million in stock in the offering, but remain the company’s largest shareholder
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