Even for Silicon Valley, Surojit Chatterjee’s rise to extraordinary wealth was lightning quick.
The chief product officer has been with Coinbase Global Inc., the most important U.S. crypto trade, for simply 15 months. The former Google govt’s Coinbase stake was price about $180.8 million after it’s first risky day of buying and selling in New York on Wednesday. He’s additionally set to obtain share choices throughout the subsequent 5 years which are presently price about $465.5 million, in line with information compiled by Bloomberg.
Chatterjee, who was 46 as of February and oversees product administration and design, joins Coinbase founders Brian Armstrong and Fred Ehrsam as main winners of the agency’s Nasdaq Inc. debut. Together, their stakes are price greater than $16 billion, in line with the Bloomberg Billionaires Index.
The itemizing wasn’t with out drama. Coinbase shares opened at $381, giving it a valuation of near $100 billion. The value rose to virtually $430 earlier than retreating to shut at $328.28. It’s one other milestone although in placing crypto additional into the mainstream. The firm went public as Bitcoin — which along with Ethereum made up most of its 2020 buying and selling quantity — is trading round its all-time excessive. Bitcoin has greater than doubled in value this yr to about $64,000.
Chatterjee’s Coinbase stake is a dramatic instance of the moment fairness workers can obtain when becoming a member of startups. Gone are the times when fairness was primarily distributed in tranches over a few years, a reward for loyalty in addition to efficiency.
Chatterjee joined Coinbase final February after three years at Alphabet Inc.’s Google, the place he led the corporate’s purchasing platform throughout his second stint on the search big. He beforehand headed product and supply for cellular search adverts and AdSense earlier than a quick cease at Indian e-commerce web site Flipkart. His expertise on the Bangalore-based firm appealed to Armstrong.
“When somebody has solely lived, labored, or transacted in a rustic just like the United States, it may be troublesome to understand the dimensions of the chance in simplifying cross-border transactions,” Armstrong, who’s Coinbase’s chief govt officer, wrote in weblog put up final yr asserting Chatterjee’s appointment.
Other main buyers embrace Andreessen Horowitz, Chase Coleman’s Tiger Global Management and Ribbit Capital. QueensBridge Venture Partners, an funding agency for rapper Nasir Jones, referred to as Nas, invested eight years in the past and nonetheless holds a stake in the corporate which will now be price greater than $100 million, in line with crypto information web site CoinDesk.
— With help by Pei Yi Mak, and Devon Pendleton
(Updates worth of stakes beginning in second paragraph.)