The Guys Behind SnapChat Lost $1 Billion Each Yesterday

That’s A Rough Wednesday

SnapChat Guys Lose Big

NBCIn early March, Snap CEO Evan Spiegel received a hefty stock bonus worth about $750 million on completion of the company’s initial public offering which was in the Billions.

But on Wednesday, a poor reception for Snap’s first earnings report wiped out more than that amount of his stake in the company.

Snap fell short of Wall Street expectations for revenue and user growth in the first quarter, sending its shares down roughly 23 percent — hovering just above their IPO price of $17.

If that same price drop is sustained in regular trading Thursday, it will cost Spiegel more than $1.3 billion in the space of less than 24 hours. Spiegel’s co-founder Bobby Murphy will take a haircut of $1.1 billion.

At the time of the IPO, both men owned 210.97 million shares, including 97.16 million of Class A shares, 5.86 million of Class B and 107.94 million of Class C. Spiegel was granted an additional 37.4 million shares upon conclusion of the IPO.

Given the size of their stakes, any $5 drop in Snap’s stock price will slash the value of their holdings by over $1 billion.

While loosing a $1 Billion has to hurt, you have to remember these guys are still stupid rich. How stupid rich you might ask? Well they still both have a net worth of over $3 billion, Aka they can buy pretty much anything without even thinking about it. If there was a $100 bill dropped on the sidewalk it wouldn’t be worth their time to pick it up. #stupidrich

“However, even if the shares drop to $17, their holdings will be worth more than $3.5 billion each”.

$3 billion, not bad for a college project that makes dick picks disappear.

Snapchat CEO Evan Spiegal, 26 is also engaged to the beautiful Miranda Kerr, guy is killing it…

Snapchat guys lose big

snapchat guys lose big

 

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