Snapchat co-founders, Evan Spiegel and Bobby Murphy got richer by billions of dollars in just a few hours, after the company reported results as the coronavirus pandemic increased usage of its app.
The fortunes of Snap’s co-founders, by $1.3 billion and $1.4 billion, respectively, taking them to $6.9 billion and $7.2 billion. Spiegel has accumulated over $200 million from Snap stock sales during 2020, benefiting from the record prices. The sales were made between January and September as part of a trading plan adopted by Spiegel, according to SEC filings. Snap shares have climbed 74% this year.
Snap, whose Snapchat is used to send photos and videos that disappear within seconds, said its net loss narrowed to $200 million, or 14 cents a share. The company posted profit of 1 cent a share excluding some costs, beating the 5 cent loss that analysts predicted. If the positive advertising trends continue, fourth-quarter revenue may jump 47% to 50% from the same period last year.
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