"Tech has become a launchpad for founders to quickly gain 10-figure net worths, with the likes of Scale AI's Lucy Guo and Alexandr Wang skyrocketing to billionaire status just a handful of years after creating their innovations. But others have been forced to play the long game to see the jackpot. Take Steve Huffman: Two decades after cofounding Reddit, the CEO has finally made it to the ultra-rich club."
"Huffman's net worth just soared to $1.2 billion after Reddit's recent victorious earnings report. Last Thursday, the company announced it reeled in a net income of $163 million-its fifth consecutive quarter of profitability since going public in March 2024. Reddit's stock closed out at $208.95 on Friday, 7.5% higher than the day before, and up 75% from the previous year. It's a welcome change as the social media platform has spent the bulk of its 20 years in business struggling to be profitable."
Tech startups can rapidly create billionaires, but some founders take decades to realize major wealth. Steve Huffman reached a $1.2 billion net worth after Reddit reported $163 million in net income, its fifth consecutive profitable quarter since going public in March 2024. Reddit's stock closed at $208.95, up 7.5% on the day and 75% year-over-year. The platform spent much of its twenty-year history unprofitable. Huffman owns about 3.1 million shares, roughly a 2% to 3% stake, received $193 million in executive compensation including a $550,000 salary, and holds about $190 million in cash and other investments.
Read at Fortune
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