Jan Koum grew to become an on the spot billionaire when Facebook acquired his startup, WhatsApp, for greater than $19 billion in 2014. It was an unimaginable accomplishment for an immigrant who grew up on meals stamps. Earlier this month, Koum introduced that he’s leaving the corporate he constructed and in addition stepping down from Facebook’s board of administrators. His reasoning? Koum is reportedly upset that Facebook plans to weaken encryption and use private micro-targeted information from the app for promoting. He has reportedly been clashing with Facebook administration for months.
On Tuesday, 2.5 million shares owned by Koum have been vested. He held again about half of them for tax obligations in accordance with the regulatory submitting. His Butterfly Trust bought the remainder of these shares on Wednesday. That added $458 million to his web value.
Koum nonetheless owns four.6 million restricted shares, which vest in August and November. Unfortunately, these inventory awards are contingent on him nonetheless being employed with Facebook on these dates. The solely method round that’s if his exit is an involuntary termination or resignation for good purpose, in accordance with regulatory filings.
Koum’s exit from Facebook is fairly uncommon. Zuckerberg’s internal circle of administration and its board of administrators have been very loyal as scandals have plagued the social community. Additionally, Koum is the one founding father of an organization Facebook acquired who was a member of its board of administrators.