7/29/2023 0 Comments Snowflake company![]() “It doesn’t matter how good you are or how bad you are-in the wrong elevator, you’re going to get hosed.” Eventually, he was able to shift to the up elevator-computers-first in Detroit, then in Ann Arbor, Michigan, where he moved customers off mainframes to more modern server products. “I learned from that experience that I don’t want to be in an elevator that’s going down,” he says. And the reason is, CEOs are only there for one reason, and that is they need to win. I just have to know that this is what I want to do. “I don’t have to justify it, I don’t have to convince you. “I exercise executive prerogative,” he adds. ![]() I still don’t think I’ve ever taken anybody out of a job too soon. “And 99 times out of 100, you’re wrong on that, which is the reason I pull triggers much faster. “When I was a younger man, I was more tolerant I always thought I could coach people to a place where they would be great,” Slootman says. The former sailor runs pre-IPO companies like a tightly rigged high-performance watercraft, a captain with extreme confidence who will throw overboard anyone who shows the mildest mutinous inclination. Talk to him at length, though, and watch the patterns, and you can see that’s not true. Slootman likes to say that he doesn’t have a formula, even after having pulled off similar magic at both Data Domain and ServiceNow. Outsize Offerings Software’s largest-ever IPO, Snowflake, stands as the fifth largest of all U.S.-based tech listings. ![]() His personal net worth, an estimated $2.2 billion, is an extraordinary figure for someone who has never been part of a company in its earliest days. It currently boasts a market capitalization of $81 billion on trailing sales of roughly $580 million. Snowflake, valued at $4 billion when Slootman took over, more than doubled that first day and is up significantly since. “These are people we knew from previous rodeos,” Slootman says with a shrug. And when Slootman and his team virtually rang the bell of the New York Stock Exchange, a process that looked as awkward as it sounds, raising some $3.4 billion in the process, Salesforce and others were there to support the floor. Around the same time, he began meeting with research analysts who would wind up setting bullish prices for the IPO. Just six months in, he had lined up his anchor investors, including Dragoneer Investment Group and Marc Benioff’s Salesforce. Slootman, who took over Snowflake in April 2019, had been as ruthlessly efficient with the rest of the process.
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