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CNET News.com: Red Hat makes one billionaire, two could follow

Sep 08, 1999, 05:50 (0 Talkback[s])
(Other stories by Michael Kanellos, Stephen Shankland)

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"Red Hat Software, a driving force behind the commercial proliferation of the freely available Linux operating system, has made one of its investors a paper billionaire in less than a month, and two more appear perched to join the club."

"Frank Batten Jr., Red Hat's largest investor and the patriarch of privately held Landmark Communications, has seen his 15 million shares in the company rise in value to $1.62 billion, according to today's closing stock price of $108. Batten's stock ownership, held individually and in trust, is disclosed in documents filed with the Securities and Exchange Commission."

"But Batten may not be alone in leapfrogging into the ten-figure club. Red Hat founder and chief technical officer Marc Ewing, age 30, owns 9.088 million shares in the company, while CEO Robert Young owns 9.081 million shares. At $108 per share, Ewing holds Red Hat stock worth $981 million while Young holds a stake worth approximately $980 million. Should the stock hit $110.11, both will be billionaires."

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