Friday, October 4, 2013

Twitter just minted a billionaire: Evan Williams

Technology News A billion reasons to celebrate: Evan Williams, co-founder of Twitter in 2010.

A billion reasons to celebrate: Evan Williams, co-founder of Twitter in 2010. Photo: Tony Avelar

Twitter just minted a billionaire -- at least on paper.

Evan Williams, the 41-year-old co-founder of Twitter, owns 12 per cent of the social media company that is expected to go public next month, according to a filing with the Securities and Exchange Commission on Thursday.

It tweeted it had submitted a confidential filing last month.

Twitter has been valued on the secondary markets at about $US9.4 billion ($9.97 billion), making Williams' stake worth more than $US1.1 billion ($1.17 billion).

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Forbes is estimating Williams, Twitter's largest individual shareholder, may be worth closer to $US1.4 billion ($1.49 billion) based on current valuations.

Fellow co-founder Jack Dorsey's 4.9 per cent stake is worth a cool half-billion ($530 billion).

Williams, the company's former chief executive who is known to the nearly 1.7 million that follow him on Twitter as "@ev," is no longer involved in the day-to-day operations of Twitter. He is working on a new project: an editorial website called Medium.

Notably missing from the filing: Co-founder Biz Stone. He has apparently sold enough stock not to be listed as a major shareholder.

LA Times

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