Dave Girouard, the former head of Google’s enterprise business, cofounded Upstart in 2012. (Photo by Hemant Mishra/Mint via Getty Images)
Hindustan Times via Getty Images
Fresh off a blockbuster earnings report that shattered Wall Street expectations, shares of AI-enabled fintech lender Upstart Holdings skyrocketed Thursday, minting a new billionaire out of Dave Girouard, the firm’s cofounder and CEO.
While the broader stock market plunged over concerns about sky-high valuations, Upstart’s stock ended the day up a staggering 89%, lifting the fortune of 54-year-old Girouard, who cofounded Upstart in 2012 and owns about 14% of shares, to an estimated $1.3 billion, according to Forbes. After the market closed on Wednesday, the San Mateo, Calif.-based firm reported fourth-quarter earnings that nearly tripled average analyst expectations and posted full-year 2020 revenue of $233 million, 42% higher than in 2019. The company now sports an eye-popping market…