Struggling Vonage has a multimillionaire chairman

Frustrating for IPO shareholders customers but logical mechanism, Vonage founder and chairman Jeffrey Citron has made a huge profit from his company disastrous public introduction.

Since Vonage started doing VoIP business, he acquired 47.67 million common shares at an average of $1.71, revealed the Washington Post. Of course, if Vonage shares didn’t drop by 29% from $17 to a mere $12 (check VG), Citron would get over $700 million. But even if Vonage is now struggling, Citron still became a multimillionaire, earning almost a half-billion dollars ― enough to brings his company back in track.

Jun 9, 2006 | By Nuno

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