Snapchat founders Evan Spiegel and Bobby Murphy are $300 million poorer thanks to the continued decline of Snap Inc’s stock price. But don’t feel sorry for the two youngsters who each own 18% of the company because they are still super rich, at least on paper. The lowest their net worths have ever fallen since taking their company public is $2.8 billion each. But that number has since gone back up to about $3.3 billion each which means they are still in the very exclusive club lead by top of the list billionaires like Bill Gates, Jeff Bezos, Mark Zuckerberg, Warren Buffet and others.
According to Forbes, on the day of Snap’s IPO, Spiegel and Murphy made $2.8 billion propelling their fortunes to around $5.4 billion. Their stakes were valued at $4 billion each ahead of the IPO, reported Forbes. Both executives have a 18% stake in the social media company. Since then, the app maker has struggled to lure advertising dollars, posting disappointing results. For the three months ended in June, the company reported a net loss of $443 million, or $0.36 cents a share, which is worse than the $0.30 a share loss Wall Street was projecting. Revenue increased $181.6 million in the second quarter but was was lower than the $186.2 million analysts had expected. Also weighing on the share price is the expiration of the lock-up period for employees who were granted shares.
You might also like
More from People
TimeWarner on its own under current CEO Jeff Bewkes is a pretty lean well oiled machine. But as the company …
Conde Nast’s Youngest Editor in Chief Elaine Welteroth of Teen Vogue Gets The NYT Magazine Treatment
Elaine Welteroth who was upped to editor in chief of Teen Vogue this past April, is a celebrity in her …