Hoosiers-Like Comeback After Wipeout Forges New Tech Billionaire

ServiceNow shares have surged more than 800% since 2012 IPO
Fred Luddy lost $35 million in collapse of Peregrine Systems

Printed circuit boards for Raspberry Pi single-board computers sit stacked ahead of assembly on the production line at Sony Corp.'s technology centre in Pencoed, U.K., on Monday Dec. 16, 2013. Raspberry Pi, a low-cost computer designed primarily for children, was developed in the computer laboratory of the University of Cambridge.Photographer: Simon Dawson/Bloomberg

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By Tom Metcalf and Anders Melin

April 27, 2018 at 2:33 PM UTC

This article is for subscribers only.

Add Fred Luddy to the list of classic tech comebacks.

The ServiceNow Inc. founder has become a billionaire with shares of his cloud-services company trading near record highs. Luddy is worth $1.1 billion, including a $240 million stake in the firm and an investment portfolio seeded by more than $900 million of stock sales, according to the Bloomberg Billionaires Index.