Over the last four years, Slootman has sold shares at an average weighted price of about $US268 — well above the drop to $US188. He first joined Snowflake in 2019, and led the company through what was the largest software IPO ever the following year. At one point his stock awards were worth $US108 million per month.

His statements have elicited controversy. In 2021, Slootman was criticised for saying that diversity goals were secondary to merit in hiring, though he later apologised, saying he didn’t intend to imply that diversity and merit were mutually exclusive. He has donated to Republican and Libertarian politicians, including in Montana, where he spends much of his time and Snowflake relocated its executive office to in 2021.

Slootman’s replacement, Sridhar Ramaswamy, a former executive at Alphabet’s Google, is seen as a technical leader. Ramaswamy will be awarded about $US100 million in stock awards over the next five years in addition to a $US750,000 annual salary, according to a filing Wednesday. He’ll also get an annual incentive bonus targeted at 100 per cent of his salary.

Other non-founders who became billionaires through leading tech companies include Steve Ballmer, one of Microsoft’s first salespeople who went on to become CEO, and is now the sixth-richest person on the Bloomberg Billionaires Index. Palo Alto CEO Nikesh Arora recently became a billionaire as the company’s share price has surged.