Even for Silicon Valley, Surojit Chatterjee’s rise to extraordinary wealth, amounting to almost Rs 5,000 crore (or $646 million) 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 worth about $180.8 million after its first unstable day of buying and selling in New York on Wednesday. He’s additionally set to obtain share choices inside the subsequent 5 years which can be at the moment worth about $465.5 million, in accordance to 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 worth greater than $16 billion, in accordance to the Bloomberg Billionaires Index.
The itemizing wasn’t with out drama. Coinbase shares opened at $381, giving it a valuation of shut to $100 billion. The worth rose to nearly $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 buying and selling round its all-time excessive. Bitcoin has greater than doubled in worth 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 procuring platform throughout his second stint on the search big. He beforehand headed product and supply for cell search adverts and AdSense earlier than a quick cease at Indian e-commerce website Flipkart.
Surojit, an IIT Kharagpur graduate, was the Head of Product at Flipkart, main product administration, consumer expertise, product operations, and information science. Prior to Flipkart, Surojit was a founding member of Google’s cell search adverts product. 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 tough to grasp the scale of the chance in simplifying cross-border transactions,” Armstrong, who’s Coinbase’s chief govt officer, wrote in weblog submit final yr saying Chatterjee’s appointment.
Other main traders embody Andreessen Horowitz, Chase Coleman’s Tiger Global Management and Ribbit Capital. QueensBridge Venture Partners, an funding agency for rapper Nasir Jones, often known as Nas, invested eight years in the past and nonetheless holds a stake within the firm which will now be worth greater than $100 million, in accordance to crypto information website CoinDesk.
($1 greenback = Rs 75.06)