Roblox co-founder David Baszucki’s stake in the company rose to about $4.6 billion after the company’s shares gained more than 50% on debut, according to Bloomberg. The NYSE set the share price of $45 for Roblox’s direct listing before it jumped 54% to close at $69.50.
Roblox planned an initial public offering last year but delayed it until 2021 and then switched to direct listing.
Roblox hosts millions of games built by users who then get a share of any related revenue.
The company’s user numbers boomed during the pandemic but now face an uncertain outlook as children and teenagers on its platform return to school.
The uncertain outlook has prompted Baszucki, Roblox’s CEO, to transform the company into a social meeting place for kids and adults.
Roblox projects growth rates of more than 60% for the quarter ending March 31 but expects the rates to decline below those of 2020 as coronavirus restrictions ease.
Roblox stock is currently gaining. RBLX: NYSE is up 17.14%
