Snap CEO Evan Spiegel's fortune plunged from almost $14 billion to $2.3 billion in just a year as Snapchat struggles for new users
- Evan Spiegel has lost 83% of his wealth over the past year, per estimates by Bloomberg.
- The Snap cofounder and CEO's net worth fell from $13.9 billion to $2.3 billion.
Snap cofounder and CEO Evan Spiegel has lost 83% of his wealth over the past year, according to estimates by the Bloomberg Billionaires Index.
Spiegel's net worth fell from $13.9 billion to $2.3 billion between October 21, 2021 and the same day in 2022, the publication reported, a net worth decline of $11.6 billion
The wealth of fellow cofounder Bobby Murphy, who also serves as Snap's chief technology officer, fell 81% in 2022 to $1.9 billion as of Friday, per Bloomberg.
Snap, Snapchat's parent company, posted a net loss of $360 million for the third quarter, up from a $72 million loss during the same quarter in the previous year. The loss included $155 million in restructuring charges, it said.
This comes amid struggles with its advertising business as well as its user growth appearing to stagnate. The number of daily active users on Snapchat is still growing, reaching 363 million as of the end of September with 19% year-over-year growth, but the rate of growth is slowing down.
Spiegel said in May that Snap was slowing down hiring, before introducing sweeping layoffs that covered around 20% of staff and shutting down projects. The company is is focused on monetizing users, revenue growth, and getting more older users onto the app, sources told Insider, with its advertising department operating in a "code red" mode.
Snap is also giving up its office lease in San Francisco, a person familiar with the matter told Insider.
Spiegel, Murphy, and Reggie Brown met at Stanford University. The trio first launched the app in July 2011 under the name Picaboo.