Move Over Melanie Perkins, Australia Has A New Youngest Self-Made Billionaire

It was just recently when we wrote about Melanie Perkins, founder of the Canva graphic design program. Perkins saw the value of her business increase during the coronavirus, making her a billionaire. At 32, she was officially the youngest self-taught billionaire in Australia … so far. Another member of generation Z has officially burst into the billionaires’ club and at 30, he claims the title of youngest self-taught billionaire in Australia from Melanie Perkins. Nick Molnar and Anthony Eisen, 48, co-founded Afterpay, which saw its stock drop from less than $ 8 per share in March to more than $ 66 last week. As of this writing, Afterpay is trading at just over $ 47. Molnar and Eisen each have an 8.5% stake in the company. As of the July 3 share price, the two founders were worth $ 1.35 billion each. Perkins was 31 when she joined the billionaires’ club in 2019. Scott Farquhar and Mike Cannon-Brookes of Atlassian were 33 and 34 when they became billionaires in 2014.

Molnar founded Afterpay in 2014 with a little help from the Kardashians. Afterpay is a financial services company that allows online buyers to buy something and pay for it in four installments. Molnar and Eisen pounded the sidewalk trying to get Afterpay off the ground. Then, the day before Thanksgiving 2014, someone from the Kardashian camp contacted the founders via the Afterpay website. A Kardashian has completed the online contact form. The Kardashians wanted Afterpay to be live on their site that day – the only problem was – it was Thanksgiving weekend and no one was at the company office in San Francisco. The Kardashians wanted to be able to take advantage of the Black Friday shopping spree.

Photo via Wikimedia Commons / Martinn1987

Molnar called his team and within two hours, Afterpay was live for the Kardashian beauty brands. It paid off when Kim Kardashian posted on Instagram (and his 120 million followers) and Twitter (then 60 million followers) endorsing Afterpay. It was everything the young business needed to start growing. At the end of March 2015, just 10 months after its launch, Afterpay had 1 million customers in the United States. Molnar said the Kardashians understand what his company is offering and how it would go with their goals.

Afterpay went public in 2016 at $ 1 per share. It reached $ 28 in May 2019 before falling to less than $ 8 in March 2020. It did not stay low for long and, on July 3, it had reached $ 66 per share fueled by investors who bought what Afterpay sells. Afterpay also recently signed an agreement with Chinese e-commerce giant Tencent, giving it the domestic route to the country’s huge retail market.



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