The second-richest person in Australia and her husband have unexpectedly fallen off a global list of billionaires after investors drastically reduced the value of their graphics firm.
The creators of the DIY graphic design platform Canva, Melanie Perkins and Cliff Obrecht, two prominent figures in the IT world, are no longer included in Bloomberg’s current ranking of the 500 richest billionaires.
The Perth couple, whose firm was worth an astounding $54.5 billion last year, topped the Australian Financial Review’s Young Rich List with a combined fortune of $16.5 billion.
Canva’s value, however, has practically halved as a result of many markdowns from significant investors and a significant sell-off in publicly traded IT businesses.
Melanie Perkins, the creator of Canva, and Cliff Obrecht, her husband and fellow founder, have abruptly disappeared off Bloomberg’s real-time list of the 500 wealthiest billionaires in the world.
On August 25, the multinational investment firm T.Rowe Price reduced its value of Canva by 30%, marking the second reduction since the year’s commencement.
According to the Australian Financial Review, the fund reduced the company’s valuation by a total of 44 percent, lowering Canva’s value to $32.1 billion.
Square Peg Capital, Blackbird Ventures, and AirTree Ventures, three Australian venture capital firms, followed suit and reduced Canva’s value by 36%.
According to a Canva representative, the firm is not deterred by “short-term shifts in the market” and is sure that its value will increase.
A spokesman for Canva stated, “Our team is extremely focused on continuing to produce new products and category development prospects that will build and improve our long-term value.”
Regardless of the state of the market, we are convinced that in the near future we will outperform our present value.
Canva, an online graphic design business, was founded by the Perth couple and Cameron Adams, a developer from Tasmania (right). After a string of reductions by significant investors, the company’s value has been drastically reduced.
“We’re utilizing this time to accelerate our efforts in teams and workspaces as we continue to double down on projects like internationalization, new product offers, and the tremendous prospects ahead.”
Despite the general market turbulence, our growth trajectory and indicators are still going in the right way.
In the last six months, the firm has hired over 700 new employees and received more than 200,000 job applications, according to the spokeswoman.
Ms. Perkins, Mr. Obrecht, and Tasmanian developer Cameron Adams established Canva in 2013.
The online graphic design business claims to have over 85 million active monthly users in 190 countries.
Ms. Perkins and Mr. Obrecht both hold around 15% of Canva, and as a consequence of the decline in the company’s value, they have each lost $3.1 billion.
Despite their total fortune dropping to $10.89 billion, the couple is still anticipated to continue to occupy the top place on the Australian Financial Review’s Young Rich List.
Even though the value of their firm has virtually halved since the start of the year, Ms. Perkins and Mr. Obrecht are anticipated to continue to occupy the top place on the Australian Financial Review’s Young Rich List.
Famously, Perkins and Obrecht want to give away their riches to charity.
They committed to give away their wealth over their lives in an effort to end severe poverty by joining Bill Gates’ the Giving Pledge in December.
In their commitment letter, they said, “We have this outrageously optimistic notion that there is enough money, kindness, and good intentions in the globe to fix most of the world’s issues.”
We believe it to be a huge opportunity as well as a duty, and we want to spend the rest of our lives working toward it.
Who is in need of all much cash? Personally?’ stated Ms. Perkins.