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
Gibbs Wealth Management President Erin Gibbs, Kadina Group President Gary B. Smith, Kingsview Wealth Management CIO Scott Martin and tech expert Lance Ulanoff break down Big Tech earnings, including Amazon, Google parent Alphabet, Twitter and Facebook.
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. | 12.12 | -0.41 | -3.27% |
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.
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