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Monday, Oct 2, 2023

35. Bobby Murphy

Net Worth: $2.4 B

CHANGE: -70%
AGE: 34
RESIDENCE: Pacific Palisades
SOURCE OF WEALTH: Social media

THE MONEY: Murphy co-founded Snap Inc. in 2011 and currently serves as chief technology officer. The company, which owns influential social media app Snapchat, went public in 2017, making Murphy a billionaire overnight. He owns nearly half of all voting shares in Snap, along with nearly 75 million shares of common stock. Murphy also owns an impressive collection of Southern California real estate, including a beachfront home on the Strand in Manhattan Beach and the former Pacific Palisades estate of “Green Acres” star Eddie Albert. In 2017, Murphy and Snap co-founder Evan Spiegel established the Snap Foundation, a charitable organization funded through periodic gifts of stock from the two founders.

THE BUZZ: Murphy’s fortune has risen and fallen over the last two years, as Snap stock rocketed to all-time highs last year before careening back to Earth over the last three quarters. The company’s business took a major hit when Apple Inc. made changes to its mobile operating system, making it more difficult for app developers to track consumer data for advertisers. Snap’s revenue growth has slowed significantly in the wake of these changes and competition from rival app developer TikTok.

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