Snapchat boss sees over £55m wiped from his fortune as social media company’s shares fall 13%
The Snapchat boss lost more than £55million in his fortune as the social media company’s shares crashed nearly 13%.
Evan Spiegel, who helped set up the messaging app in 2011 and is married to model Miranda Kerr, recorded the loss after more disappointing results for the app’s parent company, Snap, on Tuesday.
The stock fell to $10.10 on Wall Street after the app, popular among teens, warned that earnings could fall as much as 10% in the first quarter.
Revenue was roughly flat year-on-year at £1.1bn in the fourth quarter of 2022, making it the slowest pace of growth since the company went public in 2017 .
“It looks like ad demand hasn’t really improved,” Spiegel said. “In general, it seems that our partners manage their expenses very carefully.”
Losses: Evan Spiegel (pictured with Miranda Kerr), helped set up messaging app Snapchat in 2011
Its nearly 3% stake has been battered, with £31bn wiped off Snap’s market capitalization over the past year.
Snap has laid off 20% of its 6,000 employees.
UBS analysts downgraded Snap, citing increased competition from other social media companies.
