Snowflake is one of the hottest stocks on the planet, and the company’s data cloud business is growing fast.
The company’s CEO, Frank Slootman, is handsomely compensated for that success: Nearly $100 million a month in stock options. But he doesn’t see a problem with that.
“Your publicity is causing me discomfort,” Slootman told CNN Business’ Alison Kosik on “Markets Now.” “I’m an investor. I invest my money and time, and all of us benefit.”
Slootman was encouraged by his company’s fast-paced growth. He said he believes the stock price is worth its sky-high valuation because people are willing to buy it at that price. “The stock is worth what someone wants to pay for it. Markets get it right over the long haul,” he said. Although the company’s not focused on profit, he said Snowflake raised the roof on computing.
“We could only do a fraction of the work we wanted to because of limits of infrastructure,” he said. “We lifted those limits. The world is completely unleashed.”
“We’re in for a heck of a ride here,” he added.