Evan Spiegel’s Net Worth Drops $1 Billion In Minutes After Snap Posts Weak First Quarter

Author: Noah Kirsch / Source: Forbes Donald Trump Supporter Peter Thiel Apologizes For Past Book Comments On Rape The net worths of Snapc

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The net worths of Snapchat cofounders Evan Spiegel (pictured) and Bobby Murphy, who serve as Snap’s CEO and CTO, respectively, fell by $1.2 billion each on Wednesday afternoon following the company’s first-quarter earnings release. (Photo by Michael Nagle/Bloomberg)

During its inaugural day trading on the New York Stock Exchange, in March, investors sent shares of Snap flying more than 40% above its initial public offering price of $17 per share. The company’s first earnings report, released at the close of normal trading on Wednesday afternoon, doused cold water on any remaining fervor.

In the first quarter of 2017, Snap—the parent company to social media heavyweight Snapchat—posted revenue of $149.6 million, 6% below analyst estimates. The business also suffered a net loss…

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