The Co-Founders of Wish Are Now Billionaires
The Co-Founders of Wish Are Now Billionaires
(Bloomberg) -- Need a $4 wrist watch? A $22 pair of sneakers? A $15 leather jacket?
Such deals have propelled e-commerce site Wish up the ranks of the most valuable U.S. unicorns and made its co-founders Silicon Valley’s latest paper billionaires. Peter Szulczewski and Danny Zhang each own about a $1.3 billion stake on paper, according to an analysis by EquityZen, a marketplace for shares in pre-IPO technology companies.
The popularity of its inexpensive products have given Wish a hefty price tag. The startup raised around $250 million at an $8.5 billion valuation in September, according to news site Axios.
Wish is a mobile app that allows consumers to buy discounted goods directly from Chinese merchants or suppliers. The San Francisco-based company now has more than 500 million users worldwide, according to its website.
The duo are the latest unicorn breeders to emerge with 10-figure fortunes (on paper, at least) from America’s startup scene. Their combined $2.6 billion ranks among the most valuable stakes held by startup founders, according to calculations by EquityZen and the Bloomberg Billionaires Index. Wish didn’t respond to requests for comment.
To contact the reporter on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill
©2018 Bloomberg L.P.