Snowflake IPO Spurs Flood of Wealth for Silicon Valley Elite
- Family office Iconiq has seen a 16-fold return on investment
- CEO Frank Slootman’s stake is now worth $3.7 billion
This article is for subscribers only.
Snowflake Inc.’s initial public offering isn’t just creating new fortunes, it’s adding to the wallets of some of Silicon Valley’s biggest names.
Iconiq Capital, a multifamily office whose clients include Facebook Inc.’s Mark Zuckerberg, LinkedIn Corp.’s Reid Hoffman and Twitter Inc.’s Jack Dorsey, took part in multiple Snowflake funding rounds beginning in 2017. Its 12% stake in the company, purchased for $245 million, was worth more than $4 billion at the initial offering price of $120. By the end of Wednesday, the same stake was worth a staggering $8.6 billion.