The huge interest the public market has shown in the stocks of cloud communications tools maker Twilio has come as a fresh breath of air for tech stocks, those have seen lukewarm investor interest over the past few months.
Twilio’s tools are used by the likes of Uber and Airbnb to enable calls and text messages between customers and drivers/hosts. The company went public late last month and priced the IPO at $15 per share. On Wednesday Twilio’s stock nearly tripled to close at $42.25 per share, a new record-high. The stocks soared on Wednesday by 10 percent after Coatue Management disclosed a new 6.25 percent ownership stake in the company.
The hottest stocks in the market have not only given a positive fillip to tech stocks but have also made Twilio’s CEO Jeff Lawson richer by about $235 million. Lawson owns 8,635,492 shares of the company, and at Wednesday’s closing price, his net shareholding would be worth $364.8 million—up more than $235 million from the $129.5 million, when his shares were worth when the IPO launched.
But Lawson is under a lockup period that prevents him from liquidating his shares. Twilio’s stock has consistently jumped over the past 3 weeks, reaching new all-time highs almost every week.
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