I'm outing a new billionaire - the biggest angel score in Canadian history
secondmouseplan.substack.com
John Phillips, a former corporate lawyer and wireless company executive gained more than $1 billion in 2019. He owes this gain to being an early and steadfast backer of Shopify. The company had precarious early years and was initially supported by co-founder Tobi Lütke’s father-in-law. In 2007, Toronto-based angel investor John Phillips heard about the company through a friend. He was impressed by the product and even more by Lütke. He invested $250,000 at a $3 million valuation. He bought more shares subsequently, building a position of about 5 million shares. Shopify’s current market cap is $60 billion. In 2019 alone, shares surged 175%. Remarkably, John Phillips has kept the bulk of his position, still holding 4 million shares as of 2019. At Shopify’s year-end close of C$516, the holdings are valued at more than $2 billion.
I'm outing a new billionaire - the biggest angel score in Canadian history
I'm outing a new billionaire - the biggest…
I'm outing a new billionaire - the biggest angel score in Canadian history
John Phillips, a former corporate lawyer and wireless company executive gained more than $1 billion in 2019. He owes this gain to being an early and steadfast backer of Shopify. The company had precarious early years and was initially supported by co-founder Tobi Lütke’s father-in-law. In 2007, Toronto-based angel investor John Phillips heard about the company through a friend. He was impressed by the product and even more by Lütke. He invested $250,000 at a $3 million valuation. He bought more shares subsequently, building a position of about 5 million shares. Shopify’s current market cap is $60 billion. In 2019 alone, shares surged 175%. Remarkably, John Phillips has kept the bulk of his position, still holding 4 million shares as of 2019. At Shopify’s year-end close of C$516, the holdings are valued at more than $2 billion.