Forbes has updated the net worth of Grammarly co-founders Oleksiy Shevchenko and Maksym Lytvyn. According to Real Time Billionaires, their shares in the company have fallen by nearly 14%, and each now owns $1.9 billion in assets.
Grammarly was founded in 2009 by three Ukrainians: Maksym Lytvyn, Oleksiy Shevchenko, and Dmytro Lider. In 2021, the company attracted $200 million in investment, which valued Grammarly at $13 billion. Subsequently, Lytvyn and Shevchenko became dollar billionaires. In 2021, Shevchenko and Lytvyn’s shares were estimated at $4 billion each, in December 2022 — $2.2 billion.
The current numbers:
- Shevchenko and Lytvyn occupy the 1644th place in the list of the richest people in the world.
- A year ago, they were on 1322 and 1333 places, respectively.
- Grammarly’s estimated market capitalization is now $8.1 billion.
- Last year, the capitalization amounted to $9.8 billion.
Possible reasons for the drop:
- The overall decline in the startup market: in 2022, the assets of 44 Forbes unicorn founders decreased by $96 billion.
- Decline in venture capital investment: global venture capital investment fell by 35% in 2022.
- Layoffs at Grammarly: in early February 2024, the company laid off 230 specialists (5% of its workforce).
- Slowing revenue growth: Grammarly’s revenue grew by 24% in 2023 (to $125 million), but growth slowed by 10% compared to 2022.
More on the layoffs: Recently, the news started circulating that 230 members of the Grammarly team were laid off, 37 of whom were in Ukraine. The company noted that the restructuring was not related to the costs optimization, Grammarly’s business remains profitable and continues to grow.
