Afterpay founders Nick Molnar and Anthony Eisen.Credit:Eamon Gallagher
However,a host of other figures associated with the company at an early stage are also set to become multi-millionaires on paper as a result of the deal.
“A lot of the staff members have made a lot of money,” one Afterpay insider who wanted to remain anonymous said. “Move over,Macquarie bank — Afterpay is the millionaires factory. This is a big pay day really for a lot of the staff. I don’t think there has ever been such a significant wealth generating company that has got there in five to six years.”
Key staff members set to benefit from the sale include Afterpay’s executive vice-president of sales for APAC,Rachel Kelly,and senior director of business development at Afterpay,Fabio De Carvalho,who was the company’s first employee.
Afterpay’s most recent annual report lists chair Elena Rubin as holding 64,847 shares worth an estimated $8 million,a holding which is dwarfed by Cliff Rosenberg,a former country head at LinkedIn and director at Afterpay since 2016,who holds 1,450,659 shares worth an estimated $180 million.
Former executives are also likely to have done well including Afterpay’s former chief financial officer Luke Bortoli and the so-called “third Beatle” of Afterpay,David Hancock,who headed up the company for a number of years and held an estimated 6.5 million shares before selling down the majority of his shares whenhe resigned from Afterpay’s board in 2019.
Mr Hancock declined to comment but he is likely to have sold many of his shares at a higher premium than that placed on Afterpay by Square.
Former Afterpay adviser and PR guru Brett Clegg holds an estimated 40,000 shares in the company worth an estimated $5 million but also declined to comment on any windfall.