Wayfair Founders Turn Six-Year Spending Spree Into $2.74 Billion
- Online retailer sells $10 toilet brushes, $2,800 poker tables
- Niraj Shah and Steven Conine own 40 percent of the business
Vases and fake flower props sit on shelves in a storage area at the Wayfair Inc. photo studio in Westborough, Massachusetts, U.S., on Tuesday, May 24, 2016. Wayfair is the largest online-only retailer for home furniture in the U.S.
Photographer: Scott Eisen/BloombergThis article is for subscribers only.
The once frugal founders of Wayfair Inc. have become billionaires after a revenue surge helped the online retailer’s value rise to a record.
Investors embracing the company’s expansion strategy pushed the stock to a record high last week, giving co-founders Niraj Shah and Steve Conine each a net worth of $1.37 billion as of noon Wednesday in New York, according to the Bloomberg Billionaires Index.