Atlassian co-founders suffer share market wipe-out following rich list win

MIKE ­Cannon-Brookes and Scott ­Farquhar were yesterday named Australia’s richest young people. On the same day, they lost a fortune.

YESTERDAY, news broke that Atlassian co-founders Mike ­Cannon-Brookes and Scott ­Farquhar were officially the richest Aussies under 40.

Thanks to their impressive combined net worth of $14.2 billion, the tech entrepreneurs took out equal first and second place in the 2018 Financial Review Young Rich list, topping the coveted list for a record-breaking seventh year.

But coincidentally, on the very same day the news was announced, the pair also lost a whopping $1 billion as share values plummeted around the globe.

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Yesterday morning, Atlassian shares dropped to just $US67.12 each, compared to a high of $US98 in September and reaching the lowest level in three months, The Australian reported.

It meant the value of the lifelong friends and business partners’ Atlassian stock fell by $AU484 million each, or almost $1 billion combined, according to the publication.

Mike Cannon-Brookes and Scott Farquhar lost $1 billion in one day. Picture: Kelly Sullivan/Getty Images for Fortune

And close to $3 billion has been lost from the value of their shares this month alone.

While many Aussie rich-listers were affected by the stock market plunge, Atlassian suffered the biggest losses, with stock dropping by up to 7 per cent yesterday.

But if you were thinking about taking up a collection for the duo — think again.

Because despite the fall, they still have a healthy $6.07 billion worth of stock each — or $12.14 billion in total — compared to their combined net worth of $14.2 billion before the most recent plunge.

The 38-year-olds have also still smashed the previous Young Rich List wealth record, which they held themselves, of $6.08 billion.

The rise and fall of their net worth comes after both Sydney men dropped eye-watering sums on prestige real estate recently.

Last year, Mr Farquhar shelled out $71 million for Point Piper mansion Elaine, where he now lives with wife Kim Jackson and their three young children.

That eye-watering price tag set the record for Australia’s priciest property sale at the time.

The Farquhar family snapped up the Elaine mansion for $71 million. Picture: Damian Shaw

But just last month, Mr Cannon-Brookes toppled that hefty record after reportedly paying “close to $100 million” for the historic Fairwater mansion, located right next door to Elaine.

But according to The Australian, Mr Farquhar and Mr Cannon-Brookes were not the only high-profile Australians to lose staggering amounts yesterday.

Billionaires James Packer, Andrew Forrest and Michael Heine all lost hundreds of millions as their share portfolio plummeted.

Mr Cannon-Brookes bought the Fairwater mansion right next door - for $100 million. Picture: James Croucher

Meanwhile, Melbourne property developer Tim Gurner — the man who made headlines last year after saying young Aussies would struggle to buy a home when they were “spending $40 a day on smashed avocados and coffees and not working” — has taken out the third spot on the 2018 rich list, with wealth of $631 million.

Ori Allon, who built his $539 million wealth in technology and property, scored fourth place, while equal fifth and sixth went to fitness entrepreneur Kayla Itsines and her fiance Tobi Pearce.

Ms Itsines, 27, and her 26-year-old partner have amassed a combined $486 million fortune thanks largely to their fitness app, Sweat.

Subscribers forking out $19.95 each month in exchange for fitness and meal plans, shopping lists and exercise advice.

Kayla Itsines and Tobi Pearce are the country’s richest 20-somethings. Picture: Instagram

Ms Itsines is now officially Australia’s richest young woman, and the Adelaide couple are also the wealthiest self-made 20-somethings in the country.

Seventh place goes to Owen Kerr, with $460 million to his name thanks to his stake in foreign exchange Brokerage Company Pepperstone.

Husband-and-wife duo Collis and Cyan Ta’eed, who founded online graphic marketplace Envato, are jointly worth $428 million, earning them the eighth and ninth places, while farming and finance capital investor Peter Greensill sits in 10th place with $412 million in the bank.

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