A little over nine years ago, Ben Silbermann, Paul Sciarra, and Evan Sharp founded a different kind of social media site, designed to inspire people to do things. They called it Pinterest. And it’s about to make them a lot richer.
Pinterest, in an updated prospectus with the Securities and Exchange Commission, said it plans to sell 75 million shares for between $15 and $17 in its upcoming initial public offering. That puts the company’s valuation at between $10 and $11.3 billion, says The New York Times. The number, though, is lower than the $12.3 billion Pinterest was valued at during its last venture capital funding round.
That means Silbermann, Sciarra and Sharp won’t earn as much as they might have with the offering, but they’re still set to earn hundreds of millions apiece.
Silbermann, who serves as CEO, will walk away with the biggest individual holding, owning 51.6 million shares of the company after the IPO, which will be worth between $774.5 million and $877.7 million.
Sciarra, who left the company to join venture capitalist Andreessen Horowitz, holds 42.4 million shares, which will add between $636.1 million and $720.9 million to his net worth.
Sharp, who is chief product officer, holds a much smaller stake in the company—9.5 million shares. Those will be worth between $142.5 million and $161.5 million.
Early investors and venture capitalists will reap the biggest benefits, of course. Andreessen Horowitz stands to earn between $653 million and $740.1 million, while FirstMark will make between $666 million and $755 million.