Will Shu, Deliveroo CEO and cofounder, inaugurates its first Deliveroo kitchen site in France, called Deliveroo Editions on July 3, 2018 in Saint-Ouen, France.Deliveroo CEO Will Shu saw the value of his stake in the firm fall to $474 million on its stock market debut.Shu is also thought to have sold shares worth around $36 million when the firm listed.Deliveroo CEO Will Shu is a wealthy man after the food delivery firm he cofounded floated on the London Stock Exchange on Wednesday.
At the time of writing, the drop has seen Shu's stake in the firm plummet to a value of $474 million in the opening hours of trading, down $144 million from $618 million at open. Shu's stake will fluctuate throughout the day and its value could end up being higher or lower by market close.Deliveroo's IPO gave it an opening valuation of about $10.5 billion but it shed more than $2.7 billion in market value in its first hours as a public firm under the ticker"ROO."
Deliveroo's app allows consumers to order grocery and food on demand, and the firm relies on a network of gig-economy riders to ferry the goods out.
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