AfterPay’s Anthony Eisen and Nick Molnar, Zip’s Larry Diamond and Ruslan Kogan lost close to $6 billion last financial year, after the sector dived 35 per cent.
Zip founder Larry Diamond also fell from 19th spot on the list last year as a shareholding of $388 million fell to just $25 million and out of the top 50.
and Diamond has declared he is not worried by the tech giants Apple and PayPal and the big banks imitating their model.“We’re not concerned about these guys. They’ve been innovating through bureaucracy, innovating through imitation. We’re not concerned,”Not all tech founders fared badly, like the founder and chief technology officer of AI company BrainChip, Peter van der Made, who has rocketed to 25th on the list with $129 million of shares.
Ian Macoun says technology company founders should reflect on their business model and be patient following the share price rout.“I was shocked that [the share price] moved so much. But in terms of the business, I did have to bolster everyone’s confidence and say: ‘Don’t worry, nothing’s changed. We’re going to keep running the business for the long term. We know what we’re doing. Everything’s fine’.
In light of the plunge in share prices, Macoun advises technology company founders to reflect on their business model, be patient and avoid making hasty decisions that might damage the business. The entrepreneur who was the inaugural CEO of investment behemoth QIC, says refraining from the urge to cut investment is also critical.
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