Wayfair cofounders Steve Conine and Niraj Shah saw their stakes in the company jump by $229 million ... [+] in one day, catapulting them back into the billionaire club. (Photo by Suzanne Kreiter/The Boston Globe via Getty Images)As much of the retail industry reels from the coronavirus pandemic, Wayfair’s cofounders have apparently sold enough office chairs, cooking gadgets and playroom furniture to housebound Americans to rejoin the billionaire club. The online furniture retailer said on Monday that revenue surged about 40% in March and early April—when most Americans families have been spending much more time at home due to the coronavirus pandemic. That was welcome news for cofounders Niraj Shah and Steve Conine, who each own about 11.6 million shares, according to filings. However, the coronavirus pandemic appears to be giving it a much-needed boost as people look to upgrade their living spaces—considering they're spending practically 24 hours a day inside.

Source: Forbes April 06, 2020 22:40 UTC