Snapchat cofounders net $2.2B in one week as coronavirus boosts usage
Murphy's net worth hit $9B, while Spiegel's is $8.4B, per Forbes
It's been a good week for Snap co-founders Evan Spiegel and Bobby Murphy, who earned a cool $2.1 billion combined.
Investors snapped up shares over a 24-hour period Tuesday and Wednesday, and the stock added another 10.7% Friday, pushing its weekly gain to 55%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNAP | SNAP INC. | 10.64 | +0.04 | +0.38% |
The rally came after the social media company reported better-than-expected financial performance this week amid a boost in usage of its popular mobile app Snapchat fueled by the coronavirus pandemic.
As of Friday, Murphy's stake in Snap is worth over $1.398 billion more than it was last Friday and Evan Spiegel's stake is now $828.93 million more for a grand total of $2.227 billion dollars, as tracked by Dow Jones Market Data Group.
The Snapchat creators are the second- and third-largest individual stockholders behind China's Tencent. Murphy holds 7.32% of the company, Spiegel 4.4%.
REUTERS/Brendan McDermid/File Photo
Third-quarter sales jumped 52% to $678.7 million, with 11 million new daily active users added in the quarter for a total of 249 million, a 4% quarter-to-quarter increase and 11% year-over-year increase.
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As of Friday, Murphy's net worth reached $9 billion while Spiegel's reached $8.4 billion.
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Snap reported a net loss of $200 million in the third quarter, an improvement of $28 million over the prior year and $126 million over the prior quarter.
Going forward, Snap anticipates year-over-year revenue growth of 47% to 50% in the fourth quarter.