The founder of Wise is set to become a paper billionaire next month as the fintech company tees up a £5bn stock market listing.
Kristo Käärmann, who set up the London-based money transfer company formerly known as Transferwise in 2011, is set to own stock worth a fortune when the company goes public next month.
Well, no. He currently owns stock worth a fortune. Yes, the listing and the liquidity might increase that amount. But if something is worth £5 billion next month then it’s a very reasonable bet that it’s worth some billions this month already.
That is, the listing might do all sorts of things to his fortune but it doesn’t actually create it.