By Iman Sadri
March 23, 2018
Arash Ferdowsi is newest Iranian American billionaire. Joining Omid Kordestani and Pierre Omidyar, among others. Ferdowsi is the co-founder of Dropbox, an 11-year old tech company that had its IPO today. Dropbox shares surged 36% on its opening day of trading, closing above $31, on a day the Dow Jones dropped over 400 points.
Ferdowsi dropped out of M.I.T. to start Dropbox with founder Drew Houston. Dropbox is a file hosting service based in San Francisco. Its 2017 revenues exceeded $1 Billion and with its IPO today, its valuation is above $11 Billion.
Assuming Ferdowsi owns 10% of Dropbox and not 5% as reported on some sites, his stake is worth over $1 Billion.
Congrats to Arash Ferdowsi.
Iman Sadri is the founder of The Persian Observer