Tobi Lutke, the Canadian CEO and founder of e-commerce platform Shopify, has a net worth that’s doubled to $3.2 billion in just six months, thanks to his company’s skyrocketing stock.
- The e-commerce platform’s stock, which trades on the New York Stock Exchange, has skyrocketed up 106% since mid February, when Forbes measured net worths for the 2019 list of billionaires. Shopify provides the online shopping engine for more than 800,000 customers, including Kylie Jenner’s beauty store Kylie Cosmetics.
- Lutke, who was born in Germany, owns nearly 9% of the Ottawa-based company. He founded Shopify in 2004 after he and a friend had attempted to start an online snowboard shop out of Ontario and realized there were no efficient tools to help small business owners operate online. As winter ended and snowboard sales plummeted, Lutke told Forbes in a June 2018 interview that he decided to create Shopify.
- Shoppers have spent over $100 billion on Shopify-powered sites since it began operating, according to the company.
- Shopify had $1.1 billion in 2018 revenues, a 59% increase from the previous year.
- Shopify’s $42.3 billion market capitalization is now larger than that of many big tech brands, including Twitter, Snap, Square and Lyft.
- According to the Financial Times, Lutke prefers that his employees refrain from regularly checking Shopify’s stock price.
Shopify COO Harley Finkelstein breaks down how the Canadian e-commerce platform creates economies of scale to give small businesses benefits that help entrepreneurs compete with giant retailers. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC » Watch more Mad Money here: http://bit.ly/WatchMadMoney » Read more about Shopify: https://cnb.cx/2vxmuPg “Mad Money” takes viewers inside the mind of one of Wall Street’s most respected and successful money managers. Jim Cramer is your personal guide through the confusing jungle of Wall Street investing, navigating through both opportunities and pitfalls with one goal in mind — to try to help you make money. About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Get More Mad Money! Read the latest news: http://madmoney.cnbc.com Watch full episodes: http://bit.ly/MadMoneyEpisodes Follow Mad Money on Twitter: http://bit.ly/MadMoneyTwitter Like Mad Money on Facebook: http://bit.ly/LikeMadMoney Follow Cramer on Twitter: http://bit.ly/FollowCramer Connect with CNBC News Online! Visit CNBC.com: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC Shopify COO: Servicing 820,000 Merchants | Mad Money | CNBC