Matthew Prince, cofounder and CEO of infrastructure and security company Cloudflare, zoomed into the billionaire ranks on Thursday after the company stock hit an all-time high. The stock surged 18% on Thursday, ahead of the company’s quarterly earnings report, scheduled for after the market closed. Prince, who owns a 12.5% stake in the company, is now worth $1.1 billion.
Prince, 46, cofounded Cloudflare in 2009 with chief operating officer Michelle Zatlyn who owns a 4.8% stake in the company. The company went public in September 2019 and has seen its stock nearly double in value since. Cloudflare lost nearly $106 million on $287 million in revenues in 2019.
Prior to its IPO, Cloudflare acknowledged in public filings that it had received negative press for providing services to customers like 8chan. The company stopped doing business with 8chan after it was revealed that the gunman behind the El Paso, Texas mass shooting in August 2019 had posted his manifesto on the message board prior to killing 22 people and injuring at least 26 people.
On Tuesday, the company announced it was partnering with Chinese internet companies JD Cloud and Al, a subsidiary of Chinese e-commerce company JD.com, to operate and support 150 data centers across China. “I don’t know of a lot of companies that are investing in this area,” Prince told Forbes last week. “But I think over time it’s inevitable…If we were going to help build a better internet, that inherently meant we were going to have to build a bigger presence in China.”