This is going to be pretty brief, since we have already covered Snap’s IPO and the performance of its stock on the second day in-depth. To put things in a line, Snap CEO Evan Spiegel is now worth a lot more than he was before the IPO.
Snap IPOed a couple of days ago. The company had a good start and opened up at $17, above the estimated debuting price of $14-$16. After a day of trading, Snap stock was up by over 40 percent and by the time the market closed, it had a price of almost $25 apiece. The second day was a success as well, although investor excitement was somehow tampered.
As things now stand, Snap stock is worth around $27 — after reaching a high if $29 during the course of the day. And as can be expected, this has a very material impact on Spiegel’s net worth. The 26 year old cashed somewhere around $272 million worth of stock in Snap’s IPO. Considering that a significant portion of Spiegel’s own assets are in form of Snap equity, Spiegel has benefited a lot from the success of the IPO.
As far as the exact amount stands, different sources have different estimations of Spiegel’s wealth. While Forbes is putting his net worth at $10 Billion, Fortune has a more conservative estimate at $6 Billion. To put things in perspective, Tim Cook, CEO of Apple, is worth somewhere in the range of $700-$800 million.
Either way, Evan Spiegel has done pretty well out of the IPO. Almost exactly a year ago, Spiegel was worth around $2.1 Billion. So even assuming Fortune’s more conservative estimation as the truth, Spiegel has managed to almost triple his net worth in the span of a year. Meanwhile, considering the amount of his wealth he has tied up in the photo sharing company, expect some fluctuations over the next few days as stock prices struggle to reach stability.
