![]() A number of venture capital firms' positions (including a16z's) were also worth billions of dollars. The winners of the DPOĬEO and co-founder Stewart Butterfield became a billionaire when shares went public. When the stock entered the public domain that day in June, it created some big winners. The first day of trading saw share prices range from $38.25 to $42.00, eventually closing at $38.62. ![]() On June 20, existing shareholders (insiders, venture capital funds, and employees) were free to sell their stock at prices buyers were willing to pay. The company still filed paperwork with the Securities and Exchange Commission, but on DPO day, no new shares were released. Instead, it chose a direct public offering (DPO), which has the benefit of avoiding the process and cost of underwriting. ![]() Prior to going public, it reported a healthy $831 million of cash and marketable securities on its balance sheet. One of the primary reasons a company has an initial public offering (IPO) is to raise cash, but Slack didn't need to do so. ![]()
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