Roblox cofounder David Baszucki grew his wealth to $4.6 billion after company shares surged 50% in their first day of trading, according to Bloomberg.
- Roblox’s direct listing had shares priced at $45 to bring the market value to about $30 billion. Shares soared 54% to close at $69.50 in New York.
- Prior to the listing, Baszcuki participated in share sales to third parties estimated at hundreds of millions of dollars.
- He registered the Baszucki Family Office in California in 2020. This is managed by a trust that holds about half of his 12% stake in Roblox.
- Baszucki is expected to receive 11.5 million additional shares if the company meets long-term price targets.
- He will not take any cash or equity compensation for as long as seven years after the listing. Any net proceeds will be used for philanthropy.
- Baszucki cofounded Roblox in 2004 with Erik Cassel who died in 2013. The company planned an IPO in 2020 but was delayed to 2021. It was then switched to a direct listing.
- Pre-listing investors include Baszucki’s brother Greg, and Chase Coleman’s Tiger Global Management which already invested in Roblox in June 2018.
- Roblox expects growth rates of over 60% for the first quarter of 2020, but succeeding months may differ amid recovery from COVID-19.