The company changed its name to VA Linux Systems. On December 9, 1999, the company became a public company via an initial public offering. The company raised $132 million, offering shares at $30/share, but the shares opened for trading at $299/share, before closing at $239.25/share, or 698% above the IPO price, breaking a record for the largest first day gain. Larry Augustin, the 38-year old founder and chief executive officer of the company, became a billionaire on paper and a 26-year old web developer at the company said she was worth $10 million on paper. By August 2000, the shares were trading at $40 each and only 24 mutual funds held the stock. On December 8, 2000, one year later, after the bursting of the dot com bubble, shares traded at $8.49/share. In January 2001, the stock traded at $7.13/share. By December 2002, it was worth just $1.19/share.