Market research analyst PrivCo has uncovered an amazing stat about Twitter's IPO: It created 1,600 new millionaires, mostly from rank-and-file employees, it said in a blog post.
PrivCo keeps detailed records on private companies and calculated the new millionaires based on the shares held by insiders a day after the IPO, when shares closed at about $40.
Just for fun, PrivCo calculated the tax bill this IPO created, too: $2.2 billion:
- Total Twitter millionaires created: 1,600
- Total Twitter IPO California State Tax Windfall : $479 Million
- Total Twitter IPO IRS Tax Windfall: $1.72 Billion
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