Snap CEO and Co-Founder Could Lose More Than $1 Billion Each After Earnings Report - NBC Connecticut
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Snap CEO and Co-Founder Could Lose More Than $1 Billion Each After Earnings Report

If prices drop again Thursday, Evan Spiegel could lose more than $1.3 billion in less than 24 hours

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    Snap CEO and Co-Founder Could Lose More Than $1 Billion Each After Earnings Report
    Drew Angerer/Getty Images, File
    In this March 2, 2017 file photo, Snapchat co-founders Bobby Murphy, chief technology officer of Snap Inc., and Evan Spiegel, chief executive officer of Snap Inc., smile at each other after ringing the opening bell at the New York Stock Exchange (NYSE).

    Snapchat's poorly-received first earnings report and subsequent drop in stock led CEO Evan Spiegel to lose more than the $750 million he received in a stock bonus for completing his company's initial public offering (IPO) in March, CNBC reported.

    The social media app's shares fell $5.35, or 23 percent, Wednesday to $17.66 after the company released its first quarterly financial results as a public company. The drop in price means Snap is just above its IPO price of $17.

    If the same price drop happens Thursday, Spiegel will have lost more than $1.3 billion in a period of less than 24 hours. Spiegel's co-founder, Bobby Murphy, will have lost $1.1 billion.

    Still, even if shares drop to $17, both men's holdings in the company will remain worth more than $3.5 billion each.

    Attack Kills 13, Police Kill 5 Suspects in Spain: Officials

    [NATL] 13 Killed in Car Attack in Barcelona; 5 Suspects Killed in Cambrils: Officials

    A white van jumped the sidewalk in Barcelona’s Las Ramblas district on Aug. 17, 2017. Police say 13 people have been killed and more than 100 injured in this terrorist attack. The area is one of the city’s top tourist destinations. Later, police shot and killed five terror suspects in Cambrils, Spain, in a separate incident.

    (Published Thursday, Aug. 17, 2017)