Shutterstock Founder Becomes First Silicon Alley Billionaire
Shutterstock founder Jonathan Oringer became a billionaire yesterday when Shutterstock Inc (SSTK). shares rose to a record high. Shutterstock is the world’s largest photo and video marketplace and has about 28 million licensed photos, illustrations and videos available for sale on its website.
39 year old Oringer owns about 55% of Shutterstock’s shares, which have nearly tripled since selling shares in an initial public offering in October. Oringer’s 18.5 million shares are now valued at 1 billion dollars by the Bloomberg Billionaires Index, making him the first billionaire to be created in Silicon Alley, a collection of tech startups in New York.
Oringer started Shutterstock with 30,000 of his own images.
“I shot images of everything I could find over the course of a year,” said Oringer. “I would go all over the world and take pictures. In a day I could easily take thousands.”
Today the company sells images to more than 750,000 clients worldwide and sees nothing but growth in the future.