Snapchat’s poorly-received first earnings report and subsequent drop in stock led CEO Evan Spiegel to lose more than the $750 million he received in a stock bonus for completing his company’s initial public offering (IPO) in March, CNBC reported.
The social media app’s shares fell $5.35, or 23 percent, Wednesday to $17.66 after the company released its first quarterly financial results as a public company. The drop in price means Snap is just above its IPO price of $17.
DeVos Booed at Commencement for Historically Black College
The graduating class of 2017 booed and turned their backs on Secretary of Education Betsy DeVos during her commencement address at historically black Bethune-Cookman University. DeVos delivered the address despite weeks of protest from students, Bethune-Cookman alumni and local NAACP leaders.
(Published Thursday, May 11, 2017)
If the same price drop happens Thursday, Spiegel will have lost more than $1.3 billion in a period of less than 24 hours. Spiegel’s co-founder, Bobby Murphy, will have lost $1.1 billion.
Still, even if shares drop to $17, both men’s holdings in the company will remain worth more than $3.5 billion each.
Trump Had Been Thinking of Firing Comey for a While, WH Says
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