Shares In Cloudflare Soar, Making Co-Founder Matthew Prince A Brand New Billionaire
Matthew Prince is the co-founder and CEO of Cloudflare, the San Francisco-based infrastructure and security company. He has a good week. He just joined the ranks of the billionaire’s club last week after his company’s shares hit record highs. On Thursday, May 7, 2020, Cloudflare’s action jumped 18% from the forecast in the company’s quarterly profit report, which was to take place after the market closed. Prince has a 12.5% interest in the company. The 46-year-old is now worth $ 1.1 billion. Prince founded Cloudflare in 2009 with COO Michelle Zatlyn. It has a 4.8% stake in the company. Cloudflare went public in September 2019 and its inventory has almost doubled since.
Cloudflare provides content delivery network services, DDoS mitigation, Internet security, and domain name server services. The company is established in San Francisco, New York, Washington, D.C., San Jose, Champaign, Illinois, Austin, Lisbon, London, Singapore and Munich. Prior to its IPO, Cloudflare caught some flak to provide services to clients like 8chan. The company severed ties with 8chan after it was revealed that the shooter behind the mass shooting in a Walmart store in El Paso in August 2019 had posted his manifesto on the notorious message board before killing 22 people and injuring 26 people.
Cloudflare was launched by Prince and Zatlyn at the TechCrunch Disrupt conference in September 2010. It gained media attention in June 2011 for providing security services to the black helmet hacking group LulzSec. Of course, the company was brand new at the time and may not have known what they were facing. Nope. This seems to be a model for the business, as in 2017 it was revealed that Cloudflare was providing DNS routing and DoS protection for the white, neo-Nazi supremacist website, The Daily Stormer. In 2017, Cloudflare stopped providing services to the Daily Stormer after an advertisement on the controversial website claimed that “upper echelons” of Cloudflare were “secretly in favor of their ideology”.
Prince describes himself as an “freedom of speech absolutist” and he has vowed never to succumb to outside pressure to take a business offline. In a blog post, he talked about the dangers of big business deciding what is allowed to stay online, a concern shared by a number of civil liberties groups and life protection experts private. Prince went on to say that services such as Cloudflare “should not judge which speech is acceptable”, adding that “when illegal activities, such as incitement to violence or defamation, occur, the appropriate channel to address them is the legal system. ” After ending service for The Daily Stormer, Cloudflare sought to create an alliance of free expression organizations so that society can withstand pressure in the future.
Earlier this week, the company announced its partnership with Chinese companies JD Cloud and A1, a subsidiary of the huge Chinese e-commerce company JD.com to operate 150 data centers across China.