The cofounder and CEO of Cloudflare, Matthew Prince is, officially now a Billionaire. The 46 years old just the list of billionaires on Thursday after the company stock hit an all-time high. According to a report from bloomberg.com, Shares of the San Francisco-based firm advanced 14% to $28.52 at 1 p.m. in New York, giving Prince a net worth of $1.08 billion.
Cloudflare was cofounded in 2009 by Matthew Prince, Lee Holloway, and Michelle Zatlyn. Michelle, who is chief operating officer owns a 4.8% stake in the company. Prince on the other hand who owns a 12.5% stake in the company, is now worth nearly $1.1 billion.
The American web-infrastructure and website-security company went public in September 2019 and has seen its stock nearly double in value since. Cloudflare lost nearly $106 million on $287 million in revenues in 2019.
On Tuesday, the company announced it was partnering with Chinese internet companies JD Cloud and Al, a subsidiary of Chinese e-commerce company JD.com, to operate and support 150 data centers across China. “I don’t know of a lot of companies that are investing in this area,” Prince told Forbes last week. “But I think over time it’s inevitable…If we were going to help build a better internet, that inherently meant we were going to have to build a bigger presence in China.”