Snowflake CEO Earns $95 Million Per Month
Sat, 12/05/2020 – 16:55
We don’t know whether or not to blame this excess on inflation and endless money printing, or just pure public market insanity. So, we’ll let the reader decide.
Either way, it was revealed yesterday that the CEO of cloud computing company Snowflake, Frank Slootman, has a compensation package that is earning him about $95 million per month.
Admittedly, Slootman was in the news because Snowflake had posted a great third quarter revenue number and its stock is up more than 200% since going public just months ago in September.
But his pay soon became the topic of discussion. A compensation package he accepted in April 2019 – before the IPO and before he knew how the public market would receive his company – awards him more than 13.7 million options with a strike price of $8.88, according to The Detroit News.
Snowflake currently trades at about $373 per share and Slootman’s entire options package could be worth about $4.5 billion once it is paid out in full in 2023. So far, Slootman has yet to exercise any of his options, which come on top of a $375,000 per year base salary.
The company’s CFO has a similar package and is raking in options worth about $25 million per month.
Meanwhile, Snowflake’s valuation has rocketed from $3.5 billion in October 2018 to $96 billion.
So the moral of the story is: if you see Frank Slootman at a bar and he offers to pick up the check – let him.
via ZeroHedge News https://ift.tt/3mM1fSP Tyler Durden