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Monday, Oct 2, 2023

27. Evan Spiegel

Net Worth: $3.1 B

CHANGE: -54%
AGE: 32
RESIDENCE: Holmby Hills
SOURCE OF WEALTH: Social media

THE MONEY: Spiegel is chief executive of Snapchat developer Snap Inc., a company he co-founded in 2011, when he was just 21 years old. He became one of the youngest billionaires ever in 2017, when Snap made its debut as a publicly traded company. He and co-founder Bobby Murphy control nearly all voting shares in Snap. In 2021, when Snap stock was trading at all-time highs, Spiegel sold off a significant portion of his common stock shares, netting more than $700 million. In August of last year, he reportedly spent more than $100 million on a multi-acre property in Holmby Hills. Spiegel and Murphy established a charitable organization in 2017 called the Snap Foundation.

THE BUZZ: Spiegel’s net worth has fallen by more than half since last year, as Snap stock has plummeted in the wake of a series of disappointing earnings reports. The company has struggled to adapt to iOS changes implemented by Apple Inc. last year and has lost out on advertising dollars amid increasing competition from rival app developer TikTok. Spiegel told investors in July that the company aimed to “reaccelerate” its revenue growth through investments in direct-response advertising and new product features.

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