Financial, market and economic news

Snowflake’s IPO boosts the wealth of Silicon Valley’s technology elites at Facebook, Twitter and LinkedIn

Snowflake’s initial public offering isn’t just creating new fortunes, it’s adding to the wallets of some of Silicon Valley’s biggest names.Iconiq Capital, a multifamily office whose clients include Facebook’s Mark Zuckerberg, LinkedIn’s Reid Hoffman and Twitter’s Jack Dorsey, took part in multiple Snowflake funding rounds beginning in 2017. Its 12 per cent stake in the company, bought for US$245 million, was worth more than US$4 billion at the initial offering price of US$120. By the end of…

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