Trade Me founder gets $14m bonus

Morgan hits targets, reaps reward

Trade Me founder Sam Morgan, already one of the richest men in New Zealand, is getting another $14 million or so bonus from the success of his online auction site.

Fairfax Media said yesterday it paid an extra $45 million to the original Trade Me shareholders, after Trade Me made operating profits of $70 million this year, up 39%.

The partners got another $4.8 million last year, after hitting profit targets set when the firm was sold in 2006, taking the total sale price to $750 million.

Read more on BusinessDay.co.nz

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