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Snap CEO Evan Spiegel and his co-founder lost more than $1 billion each

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In early March, Snap CEO Evan Spiegel received a hefty stock bonus worth about $750 million on completion of the company's initial public offering.

But on Wednesday, a poor reception for Snap's first earnings report wiped out more than that amount of his stake in the cmopany. Snap fell short of Wall Street expectations for revenue and user growth in the first quarter, sending its shares down $5.35, or roughly 23 percent, to $17.66 in after-hours trading. At that level, they're hovering just above their IPO price of $17.

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

Source: Bloomberg
Trader I. Ivanov


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