Zip Co Ltd (ASX: ZIP) shares have excelled this year and are now up a mammoth 432% this year to date.
They currently fetch $3.44 apiece, up a further 12% in the last month alone.
Such an eye-watering increase in value has created some very happy – and wealthy – shareholders. None more so than Zip's co-founder, Larry Diamond.
However, Diamond has stepped down as a director and US chairman of the buy now, pay later (BNPL) company, announcing his moves this week.
But that's not all the co-founder has been up to. Let's take a look.
Image source: Getty Images
Co-founder nabs cool $100 million
Having led the BNPL company since inception, more recently as US chairman, Zip's co-founder Larry Diamond decided to step down this week.
His departure comes after the enormous run in the company's market value in 2024, exploding Diamond's net worth.
Mandatory ASX filings show the former chair sold a large line of Zip shares this week, likely netting Diamond a cool $100 million in cash.
He offloaded 30 million shares at $3.35 each, a modest discount to Monday's closing price.
The sale represented more than half of Diamond's 55-million-share position, held via his Diamond Venture Holdings Pty Ltd vehicle. He now holds approximately 25 million Zip shares with this account.
Diamond's next moves? Starting a family office and philanthropic foundation.
He is set to remain an adviser to Zip.
Zip's performance: A strong comeback story
While Diamond's exit marks the end of an era, it takes nothing away from the company's recent growth, where it has shown fine form.
For the September quarter, the company reported a 19% year on year increase in revenue to $240 million.
Transaction volumes also climbed 22.8%, reaching $2.8 billion, driving a 234% surge in cash earnings.
The company now boasts over 4 million active users in the US, which, if all goes according to plan, looks to be its next growth market.
Investors bid up Zip shares following the update.
ZIp's leadership isn't showing any signs of change either.
CEO Cynthia Scott said Diamond was hanging up the boots "at a time when we have the leadership and broader team executing strongly on a strategy that is delivering for the company and its shareholders". Hard to disagree.
Still, investors will be watching closely as Zip rolls on from here.
Zip shares takeout
Zip shares have grown triple-digits this year, nabbing its former co-founder a hefty payday. With $100 million in the bank (pre-tax), Larry Diamond has now set his sights on his next ventures.
The BNPL stock is up 704% in the past 12 months.
