Robert Reffkin is set to become America’s youngest black billionaire. If you don’t know him, now is a great time to learn a few tidbits about the CEO of Compass Inc. and co-founder of a tech-driven brokerage firm. Compass Inc. was co-founded in 2012 by Reffkin. Ori Allon, another entrepreneur, is the other founder.
According to the Compass website, Reffkin’s mission is to help everyone find their place in the world. He received his BA and MBA from Columbia University. Compass is headquartered in New York City, although real estate markets are served nationwide.
Bloomberg reported that Reffkin raised $ 450 million in the company’s initial public offering (IPO) on Wednesday. Bloomberg also said the sale was halved from the company’s previous target, as tech stocks fell this week. Its price is said to be in the lower end of a narrow range, with investor enthusiasm waning for high-profile startups that have received a boost from Covid-related demand, according to Bloomberg.
Although Reffkin’s high-profile career trips have included career stoppages at McKinsey & Co., the White House, and Goldman Sachs Group Inc., Bloomberg said it was a real estate startup that carried him. to an ultra-rich status. Bloomberg also said that Reffkin must show that his investments in tech talent can justify the valuation of Compasss; the company has not yet made a profit.
Finecology further reported that when Compass began trading on the New York Stock Exchange, the company reportedly valued its initial public offering at $ 18 a share yesterday. At the same time, Fintecology said that the valuation of companies is now $ 7 billion. While reporting, Fintecology added that although the IPO raised around $ 450 million for Compass, which is less than half of what it had previously researched, it will place Reffkin as having one of the greatest fortunes accumulated by any leader of the real estate industry in the last decade.
According to an Insider analysis, the IPO could put Robert Reffkin, the 41-year-old co-founder of Compass, on a path to making more than $ 1 billion. This total comes from the addition of the share awards granted to it by the company, other shares that were promised to it if the shares meet ambitious pre-established price targets and the awards that will vest over the course of the year. time, reported Fintecology. If Reffkin is able to collect all the shares, that would only make him the eighth black billionaire in America and the youngest.
On Reffkins’ LinkedIn account, he explained why he started his booming business in the first place. He also tagged a special someone named Ruth in a post he shared yesterday.
I created Compass because of my mother, Ruth, a single mother who embodies the spirit of enterprise and who is now one of Compass’ incredible 19,000 agents. It was a great honor to have him with me this morning at the NYSE!
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