Former Instacart CEO jumps from newly public SF firm with $850 million stake
Instacart, a highly valued startup based in San Francisco, successfully went public on Tuesday, converting its previously theoretical price assessments into tangible wealth for many of its employees. Apoorva Mehta, one of the co-founders of the grocery delivery app , is experiencing significant financial gains. Despite cashing out nearly $20 million worth of shares during the initial public offering, Mehta, aged 37, still retains a 10% ownership stake in Instacart, as indicated in a prospectus document filed with the Securities and Exchange Commission dated September 18. Confirmed both Mehta’s resignation and his stock holdings This marks the culmination of a lengthy journey for Mehta, who co-established the company back in 2012. Although he stepped down from his role as Instacart’s CEO in 2021, he continued to serve as the chair of the company’s board of directors. Now, he is resigning from that position and is set to depart with approximately $850 million in Instacart sto...