Jordan Katzman and Alex Fenkell are now two of the youngest billionaires in the US.
Shares of the direct-to-consumer dental-product company they cofounded, SmileDirectClub, began trading on Nasdaq on Thursday. SmileDirectClub closed down 28% after its first day of trading, but its market cap of $6.4 billion made Katzman and Fenkell — each of whom owns close to a quarter of the company’s class B shares — billionaires.
SmileDirectClub sells invisible teeth aligners for $1,850, a fraction of the cost of traditional braces from an orthodontist, Business Insider reported.
A SmileDirectClub representative did not immediately return Business Insider’s request for comment on Katzman and Fenkell’s personal relationship, current involvement in the business, and personal fortunes.
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