NET WORTH: $4 billionAGE: 30RESIDENCE: BrentwoodSOURCE OF WEALTH: TechnologyLAST YEAR: $3.7 billionCHANGE: +8%THE MONEY: Spiegel co-founded Snap Inc., the Santa Monica-based social media giant, with fellow Wealthiest Angeleno Bobby Murphy in 2011. Much of Spiegel’s wealth stems from a direct position of 52 million common shares in Snap and another 5.2 million shares held indirectly through a trust, according to a June filing with the Securities and Exchange Commission. That gives Spiegel about 4.8% of the outstanding shares in the company, which reached a market cap of $37 billion in July. Spiegel sold about 11 million Snap shares during the first half of 2020, collecting $207 million in cash. He receives a base salary of $1, but his bonus exceeds $800,000 per year.THE BUZZ: Snap Inc. has seen declining ad demand but higher user engagement in 2020, driven by the impact of the coronavirus pandemic. During the first half of 2020, Snap announced shoppable shows, rolled out music lenses and signed partnerships with third-party developers in an effort to draw advertisers as it competes with TikTok, the Chinese-owned short video platform. Snap stock has seen a lift in light of the Trump administration’s proposed ban on rival TikTok, with Snap shares reaching $26 on July 8, their highest level since the company’s initial public offering in 2017.
