Net Worth: $1.6 billion, up 6 percent
LAST YEAR: $1.5 billion
SOURCE OF WEALTH: Mobile app
THE MONEY: Snapchat’s valuation inched up to $16 billion from $15 billion, increasing Spiegel’s net worth.
THE BUZZ: Snapchat has ramped up monetization efforts over past year – including ad-supported Discover portal, sponsored special-effects lenses, and geofilters. Still, questions about app’s ability to support large advertising business have somewhat cooled investors’ enthusiasm. Received $175 investment from Fidelity Investments in March that kept valuation flat at $16 billion. Within Snapchat, Spiegel has reportedly had difficulty maintaining company’s management team and has overseen revolving door of executives over last year. App maker had received criticism for gobbling up real estate and driving up rents with little focus on engagement of Venice community. Snapchat reportedly plans to donate more than $500,000 to community service efforts in Venice area this year, including software programming class for low-income women at St. Joseph’s Center. Spiegel, who recently bought $12 million Brentwood home, joined L.A.’s celebrity ranks, appearing at red-carpet events and on “The Late Show With Stephen Colbert” and dating model Miranda Kerr.
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