Ubiquiti Founder Pera Adds $2.6 Billion to Wealth as Shares Soar
Ubiquiti Founder Pera Adds $2.6 Billion to Wealth as Shares Soar
(Bloomberg) -- No billionaire had a better end of the week than Robert Pera.
The 41-year-old founder of Ubiquiti Inc. added $2.6 billion to his fortune as shares of the networking technology company jumped 36% after it reported fiscal first-quarter revenue that beat Wall Street estimates. He added more wealth on the day than anyone else in the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people.
Pera, who had been ranked 213th, vaulted all the way to No. 145 and is now worth $10.3 billion. He owns about 87% of the New York-based company’s stock and also has a controlling stake in the Memphis Grizzlies basketball team.
Revenue for the quarter rose 14% from a year earlier to $323.3 million, the company said, more than the highest estimate among analysts in a Bloomberg survey. Net income climbed 14% to $98.1 million. The firm’s stock has climbed 78% this year.
--With assistance from Tom Maloney and Jack Witzig.
To contact the reporter on this story: Sophie Alexander in New York at salexander82@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, ;Peter Eichenbaum at peichenbaum@bloomberg.net, Steven Crabill
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