As Pinterest’s (PINS) share price surged over 25% on Thursday, a day after releasing its third-quarter earnings report, the company’s co-founders saw their wealth increase significantly.

The co-founders, Paul Sciarra, Evan Sharp, and Ben Silbermann added as much as $750 million collectively to their net worth, bringing their combined fortunes to $5.8 billion, Bloomberg reported.

Silbermann, who is CEO of the company, has also added $115 million to his wallet after selling Pinterest stock in a prearranged trading plan, Bloomberg said. He has an estimated $3 billion stake in the social media platform, receiving a $46 million salary and stock award in 2019, according to a company’s annual report. Sharp also received nearly $46 million in salary and stock awards in 2019, the report said.

The stock price increase more than doubles the three co-founders’ wealth from only three months earlier, the news outlet said.

“More than ever before, people are coming to Pinterest to get inspiration for their lives—everything from planning early for a socially distant Halloween to creating great home schools for their kids,” Silbermann, said in a statement. “Our top priority is to continue making Pinterest home to the most inspiring and actionable content.”

Pinterest, along with Snapchat, Twitter, and Facebook, has gained as consumers shift to social media platforms as they stay home more during the pandemic. Snap, which released its earnings in mid-October, said the added revenue boost was attributed to increased advertising on the platform, which at the time surged its rival social media sites share prices. Snap saw its share price soar by over 30% at the time.

Pinterest saw revenue increase by 58% year-over-year to $443 million. The site has 442 million active users monthly, up 37% year-over-year. GAAP net loss was $94 million for the quarter.

“The strong momentum our business experienced in July continued throughout the rest of the third quarter. We’re extremely pleased with the broad-based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion,” Todd Morgenfeld, chief financial officer and head of Business Operations at Pinterest, said in a statement.

Shares of Pinterest were trading at $63.35 as of 1:47 p.m. EDT, up $14.10 or 28.63%.

pinterest
A portrait of the Pinterest logo in Ventura, California, Dec. 21, 2013. Reuters/Eric Thayer
RELATED STORIES