Union Square Hospitality Group's Danny Meyer is now worth about $400 million according to several new reports. Business Insider does the math on the restaurateur who brought the world Shake Shack — and its highly successful IPO — and finds that Meyer's 21 percent share of the now-publicly traded company has nearly tripled since the stock price was released last Thursday. By the end of the day on Friday, Meyer's shares were worth about $386 million.
A combination of good fortune, service savvy, charisma, and smart stock trading have led to Meyers' coup. But the good news doesn't stop there. Employees of Shake Shack have made out like bandits over the weekend as SHAK held steady at $47 on Friday. CNN Money reports that 160 managers at Shake Shack were also awarded stock at a lower price last Thursday night, meaning they had also earned over double on the company's investment by Friday. Hourly employees were also offered stock options. It's well-known that Shake Shack employees start at $10 per hour, which is significantly higher than the minimum wage across the country.
A Shake Shack spokesperson confirmed to CNN Money that they would not be lowering their minimum wage in light of the IPO: "We believe that this enables us to attract a higher caliber employee and this translates directly to better guest service."
SHAK is currently trading about 1 to 2 percent down today, but remains double its original price.