Snowflake CEO makes $95 million a month ($1.1 billion annually), just 2 months after the cloud computing startup went public
We wrote about Snowflake back in September after the cloud-data warehousing startup went public raising nearly $3.4 billion at a $33.2 billion valuation. The maker of cloud-data software made history after its stock popped 104% to $245 in its first trade, making it the biggest IPO pop since at least 2008.
Fast forward two months later, there is a new report that Snowflake CEO, Frank Slootman, is raking in millions of dollars in a monthly payout. According to The Detroit News, Slootman now collects a compensation package that earns him $95 million per month or about $1.1 billion annually.
The revelation came to light after Snowflake reported on Wednesday that its third-quarter revenue more than doubled from a year earlier, and its stock has surged more than 200% since its Sept. 15 initial public offering. Per The Detroit News, Slootman’s pay includes more than 13.7 million options with a strike price of $8.88.
Currently, Snowflake stock trades at about $373 per share and Slootman’s entire options package could be worth about $4.5 billion once it is paid out in full in 2023. For now, Slootman has not exercised any of his options, which come on top of a $375,000 annual base salary, which can go higher depending on the firm’s performance.
Slootman is not alone with this generous package, the company’s CFO has a similar package and his raking in option is worth about $25 million per month.
We first wrote about Snowflake in 2018 when the cloud data warehouse startup was just valued at $3.5 billion after a $450 million fundraise. Since then, its valuation has skyrocketed from $3.5 billion in October 2018 to $96 billion.
Founded in 2012 by Benoit Dageville, Marcin Zukowski, and Thierry Cruanes, Snowflake is a cloud data platform that provides a data warehouse-as-a-service designed for the cloud. Its technology combines the power of data warehousing, the flexibility of big data platforms, and the elasticity of the cloud at a fraction of the cost of traditional solutions.