NET WORTH: $1.5 billion
LAST YEAR: Not on list
RESIDENCE: Los Angeles
SOURCE OF WEALTH: Snapchat
THE MONEY: Even though Snapchat Inc. has only been generating revenue since October, slew of monster funding rounds have catapulted photo-sharing app’s valuation to $15 billion. Company notoriously averse to talking with press about anything, let alone co-founders’ personal finances. Estimated that Murphy and co-founder Evan Spiegel each hold 10 percent stake in business.
BUZZ: Venice’s Snapchat has come long way over past year, and Murphy (CTO) and Spiegel (CEO) have become much richer. Kappa Sigma frat brothers developed version of app called Picaboo at Stanford University. Settled ownership dispute with former classmate Frank Reginald “Reggie” Brown in September. Rejected $3 billion acquisition offer from Facebook Inc. in 2013, then raised more than $485 million of outside capital in 2014, driving valuation up to $10 billion. Along way, ephemeral messaging app reportedly racked up more than 100 million users, vast majority in 18-34 demographic coveted by advertisers. Secured $200 million investment from Chinese tech giant Alibaba Group Holding Ltd. in March, taking valuation to $15 billion. Said to be meeting with additional investors for another funding round that could see market value reach $19 billion. Finally launched revenue-generating features, such as ads and peer-to-peer mobile payments product called Snapcash, in fall. Platform turning into content engine through partnerships with CNN and others. Reports suggest advertisers balked at $750,000-per-day rate to advertise, especially after recent shakeups of company’s executive staff. Murphy said to have purchased two-bedroom, $2.1 million home in Venice.
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