Snap Inc.’s CEO Evan Spiegel and CTO Bobby Murphy saw a large amount of their wealth get wiped out after shares of digital ad-dependent Snap tumbled more than 41%.
The social media app recorded its biggest intraday decline ever, trading below its 2017 IPO price of $17, losing around $15 billion in market cap.
Spiegel lost nearly 30% of his wealth amounting to $1.4 billion, while Murphy dropped $1.8 billion or 36%.
Spiegel and Murphy’s net worth is now $3.4 billion and $3.1 billion, respectively, according to Bloomberg’s Billionaire index.
Until September 2021, Spiegel was worth $15.3 billion and ranked among the 140 richest people in the world.
Snap reported quarterly user growth in April that topped estimates, but the company said that it won’t meet prior forecasts for revenue and profit, due to a rapidly deteriorating economic environment.
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Source: Bloomberg