![SNAP_logo](/_next/image?url=https%3A%2F%2F10k-staging.s3.us-west-2.amazonaws.com%2Fnews_images%2Farticle_SNAP_logo_01_20220525042446.png&w=3840&q=75)
Snap’s top guns lose nearly $3B after shares tank
Snap Inc.'s Evan Spiegel lost nearly 30% of his wealth, while Bobby Murphy lost 36%
By Yashasvini Razdan
Published - May 24, 2022, 06:54 PM ET
Last Updated - Feb 29, 2024, 11:53 AM EST
Snap Inc.’s CEO Evan Spiegel and CTO Bobby Murphy saw a large amount of their wealth get wiped out after shares of digital ad-dependent Snap tumbled more than 41%.
The social media app recorded its biggest intraday decline ever, trading below its 2017 IPO price of $17, losing around $15 billion in market cap.
Spiegel lost nearly 30% of his wealth amounting to $1.4 billion, while Murphy dropped $1.8 billion or 36%.