Sweetgreen Founders See Net Worth Swell as SG Goes Public
Sweetgreen is going public in a multi-billion-dollar IPO. Who are the founders and what are their net worths?
Nov. 18 2021, Published 12:45 p.m. ET
Salad chain Sweetgreen has made it to its IPO day, Nov. 18. The stock is poised to hit the NYSE under the ticker symbol "SG" in due time with a projected IPO valuation in the billions.
Who are Sweetgreen's founders? How much will they make as the company goes public in a massive offering?
Who are Sweetgreen's founders?
Sweetgreen's founders are also the company's top executives. Here's the trio:
Jonathan Neman (President, CEO, Chair of Board of Directors)
Nicolas Jammet (Chief Concept Officer, Director)
Nathaniel Ru (Chief Brand Officer, Director)
They're all alumni of Georgetown University and launched the company together after earning their undergraduate degrees in 2007. Currently, Sweetgreen has 140 restaurant locations in 13 states and Washington D.C.
How much is the Sweetgreen IPO worth?
Sweetgreen upsized its IPO from $23–$25 per share to $28 per share. This boosted the approximate IPO valuation to $2.7 billion, with proceedings expecting to reach $364 million from 13 million outstanding shares.
Naturally, the top-tier executive team is expected to see their own equity swell in value, especially considering that shares are pricing as much as 43 percent above the $28 IPO price in the discovery process during mid-day on Nov. 18.
Jonathan Neman's net worth
Neman has a higher net worth than the other Sweetgreen founders because he holds a higher title and is married to billionaire heiress Leora Kadisha. Together, the couple bought Ellen Degeneres' former home in Beverly Hills for $21 million.
Jonathan Neman
Co-founder and CEO of Sweetgreen
Net worth: $80.5 million
- Birth place: Los Angeles, Calif.
- Spouse: Leora Kadisha (heiress of billionaire business tycoon)
The value of Neman's Sweetgreen equity depends on the stock's post-IPO value.
Given Sweetgreen's nearly $3.5 billion book value, Neman's 2.3 percent stake is worth about $80.5 billion in SG equity alone. Neman's stake will transition to 2 percent of Class A common stock and 34.8 percent of Class B common stock after the IPO.
Neman, who has been involved in controversy for fat-shaming COVID-19 patients and suggesting a "health mandate" while he slings expensive salads, holds 22.8 percent of total shareholder voting power. Collectively, the founders will represent about 59.6 percent of the voting power.
How much are the other Sweetgreen founders worth?
In 2020, Jammet bought a nearly $5 million mansion in the Hancock Park area of Los Angeles. Around the same time, Ru paid $3.2 million for his own house in Windsor Square. That alone is enough to suggest that Jammet and Ru are doing well for themselves, but the numbers are there too.
Jammet and Ru will each own 32.6 percent of Class B common stock after the IPO launch. They will also lose a small percentage of voting power and their Class A common stock holdings. The salary expectations might have changed for Jammet and Ru as well.
Regardless of executive equity, one thing remains true. Sweetgreen hasn't turned a profit yet, and Neman has lied about the company's profitability in the past. Even with a heavily adjusted EBITDA, Sweetgreen's metrics are lacking. The "healthy" fast-food chain hopes to enhance profitability using automation technology.
