Australia’s youngest self-made billionaire has revealed the secrets of his $ 1.6 billion Afterpay business – and why a trip to Vegas helped get the idea off the ground.
Nick Molnar, 30, turned billionaire on Thursday after the stock of his now-pay-later-bought company rose 9.5 percent to $ 68.16 in the stock market.
The father of one, originally from Sydney, started his first business as a teenager when he convinced his father to take him to the US to buy a jewelry company before turning it into a successful brand on eBay in Australia.
Nick previously said he owed the success of that venture to his “entrepreneurial spirit,” which later gave him the drive to launch Afterpay.
Afterpay co-founder Nick Molnar, 30, is Australia’s youngest self-made billionaire after shares on the buy-now pay-later platform skyrocketed on Thursday
Mr. Molner enjoys a lavish lifestyle that travels the world with his wife Gabrielle (pictured together) when not busy at work
Last year, in an interview with Jetstar, he said, “I started thinking about an idea for a company where a customer can take a product home today and pay for it in installments.
‘My neighbor Any Eisen and I launched Afterpay together in 2014’.
He is now worth $ 1.4 billion.
Nick and his business partner now own 20.5 million Afterpay shares, or about 8.5 percent, of the company.
Shares of the company fell by more than 30 percent in March when the coronavirus virus emerged, before resurfacing from April, when Chinese technology giant Tencent bought a five percent stake.
The collaboration between the two technology companies helped push the grocery service into the Chinese market.
The young billionaire said the secret to success is never giving up and learning from his failures.
Think of failure as a way to learn. Don’t take no for an answer – you have to be ruthless, especially as an entrepreneur. And support yourself. If you don’t believe in yourself or your idea, no one else will, “he said.
He also gave three tips to those who want to take on entrepreneurship.
The newest Australian billionaire is an avid skier, who often shares photos from snow vacation trips
Mr. Molnar photographed with his wife Gabrielle in September 2018 before the birth of their daughter Ella
Mr. Molnar and his wife married in November 2016, two years after the entrepreneur founded Afterpay. They are depicted together during a holiday in 2015
“If I could go back, I would have continued doing business from day one. Keep devices out of meetings – it’s a way of showing respect to everyone on the team by giving your undivided attention. And finally, enjoy the ride and have fun in the chaos, but remain authentic and humble. ‘
Mr Molnar said that he always tries to keep the line between family and work and to ensure that breakfast is spent spending time with his wife and daughter.
Molnar stole the position of 32-year-old Melanie Perkins, who became one of Australia’s three richest women last week after her digital graphics platform Canva doubled in value.
After raising an estimated $ 87 million in the last round of investors, Canva is now valued at $ 8.77 billion.
The Perth-born entrepreneur founded the Sydney-based digital graphics company Canva with her fiancé Cliff Obrecht in 2014 after leaving college.
Growth has pushed the pair’s wealth to an estimated $ 2.5 billion each.
The pair are overshadowed by Vicky Teoh – the founder of telecommunications company TPG Telcom – worth $ 2.6 billion.
Mining magnate Gina Rinehart, owner of Hancock Prospecting, is Australia’s richest billionaire, worth $ 16.25 billion.
Molnar divides his time between Afterpay’s offices in New York and San Francisco. He was pictured during a Ted talk in September 2017
In an interview last year, Mr. Molnar said that he always tries to maintain the line between work and private life, by dedicating breakfast to spending time with his wife and daughter (pictured together)