20. Bobby Murphy — $3.7 billion | Los Angeles Business Journal

20

NET WORTH: $3.7 billion
AGE: 32
RESIDENCE: Venice
SOURCE OF WEALTH: Technology
LAST YEAR: $3.2 billion
CHANGE: +16%

THE MONEY: Murphy and fellow Wealthiest Angeleno Evan Spiegel co-founded Snap Inc. in 2011. He serves as chief technology officer of the Santa Monica-based social media company and is the largest individual shareholder of Snap stock. His stake includes 82 million shares held directly and another 5.9 million shares held indirectly through a trust, according to a March filing with the Securities and Exchange Commission. That gives Murphy about 7.5% of the outstanding shares of the company, which reached a market cap of $37 billion in July. Murphy sold about $23.5 million Snap shares in March.

THE BUZZ: The coronavirus pandemic has been a mixed bag for Snap, which has seen user engagement increase even as the advertising side of the business has declined. Murphy and his wife, Kelsey Bateman, reportedly own at least seven multimillion-dollar homes in Los Angeles, including the former home of actor Eddie Albert in Pacific Palisades, which the couple bought for $19.5 million in 2018.

Return to the 2020 edition of the LA500.

Reader Poll

READER POLL: Would you consider renting your home out on short-term rental sites like Airbnb??

Reader Poll

READER POLL: Would you consider renting your home out on short-term rental sites like Airbnb??