Evan Spiegel Net Worth
Evan Spiegel has an estimated net worth of $3.2 billion. He is the co-founder and CEO of Snap Inc., named for its flagship product, the photo- and video-sharing app Snapchat. He earned the majority of his income from Snapchat.
Evan Spiegel, who was born in Los Angeles, California in 1990, is the co-founder and CEO of Snap Inc., the parent company of Snapchat. While attending Stanford University, Spiegel and former fraternity brother Bobby Murphy came up with the idea for the popular photo- and video-sharing app. Initially known as Picaboo and launched in 2011, the app quickly gained traction, eventually making its co-founders billionaires when Snap went public in early 2017. Spiegel is also well-known for his marriage to Miranda Kerr, an Australian supermodel.
To calculate the net worth of Evan Spiegel, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as loans and personal debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$3.2 Billion|
|Monthly Salary:||$20 Million+|
|Annual Income:||$200 Million+|
|Source of Wealth:||Entrepreneur|
What Is Evan Spiegel’s Net Worth?
According to Forbes, Spiegel was worth $3.2 billion in 2018 based on his 18% ownership in the company he co-founded.
This represented a significant decrease from when Snap went public in March 2017. Snap closed its first day of trading at $24.48 per share, up 44 percent from its IPO price, and Spiegel was rewarded with 37 million additional shares, bringing his net worth to around $5.5 billion.
Marriage to Miranda Kerr
Spiegel’s phenomenal success with Snapchat allowed him to live the rock star lifestyle, which included a romance with Australian supermodel Miranda Kerr. They got engaged in July 2016, bought a home together in the affluent Brentwood neighborhood of Los Angeles later that year, and married in its backyard in May 2017.
Kerr is a big fan of her husband’s company: she used Snapchat-owned Bitmojis to embellish their engagement announcement on Instagram, and she later slammed Facebook for “stealing all of my partner’s ideas.” Kerr and Spiegel announced in November 2017 that they were expecting their first child.
Snapchat Founding at Stanford
Evan Spiegel joined the Kappa Sigma fraternity at Stanford, where he met future Snapchat CTO Bobby Murphy. They worked together on other projects, including creating a college admissions website called Future Freshmen before abandoning it.
Reggie Brown, another Kappa Sigma brother, remarked in the spring of 2011 that he wished there was a way to send disappearing photos. Spiegel seized on the idea, and the two enlisted the help of Murphy, who had already graduated.
That summer, the three huddled at Spiegel’s home in Pacific Palisades, establishing a company by assigning roles: Spiegel as CEO and designer, Murphy as CTO and developer, and Brown as chief marketing officer. In July, they debuted Picaboo, an early version of Snapchat that allowed users to send photos that quickly disappeared, revealing and then erasing evidence of illegal activities.
By August, the project’s initial promise had given way to infighting, and Spiegel and Murphy had ousted Brown, moving forward with the newly renamed Snapchat. Sales were modest that fall, but by winter, something had clicked, with the app recording 20,000 users in January 2012, before ramping up to 100,000 in April. The surge in demand drove up server costs significantly, but the founders were saved by a $485,000 investment from Lightspeed Venture Partners in May. Spiegel later dropped out of Stanford, just weeks before graduating.
Snapchat Ups and Downs
In the months leading up to its public debut, Snapchat seemed to have no bounds. After rebranding as Snap Inc. in September 2016, the company released its camera-equipped Spectacles two months later and reported a revenue of more than $400 million for the year.
However, after going public in March 2017, the company failed to meet expectations for quarterly earnings, causing its stock price to fall below $12 per share by August. The decline was caused in part by stiff competition from rivals such as Facebook, which had copied Stories and other Snapchat features, as well as the natural decline in enthusiasm for its once-novel capabilities.
Late in the year, Spiegel announced that Snap would meet the challenges by introducing new algorithmic content filtering and continuing to develop innovative products like its recently unveiled augmented reality lenses.
‘No Thanks’ to Zuckerberg
In the fall of 2013, Facebook CEO Mark Zuckerberg reportedly offered $3 billion to buy Snapchat. Most valuations at the time put the company at a much lower value, and despite the fact that the co-founders stood to gain $750 million each from the deal, they turned it down.
“Very few people in the world get to build a business like this,” Spiegel later told Forbes. “I don’t think trading that for a short-term gain is very appealing.”
As with Facebook, once Snapchat showed signs of maturing into a major tech company, a disgruntled contributor returned for his cut of the pie. Reggie Brown filed a lawsuit in February 2013 alleging that he shared intellectual property rights with Spiegel and Murphy. Brown claimed, among other things, that the company was founded on his idea and that he contributed the company’s signature ghost logo.
Although Snapchat lawyers described Brown’s legal action as a “transparent attempt to shakedown Mr. Spiegel and Mr. Murphy for a share in a company to which you contributed nothing,” the two sides agreed to a $157.5 million settlement in September 2014.
Evan Thomas Spiegel was born in Los Angeles, California on June 4, 1990. He grew up in Pacific Palisades, California, the oldest child of two successful lawyers, attending private clubs and taking family vacations to Europe, the Bahamas, and Maui.
Spiegel, a shy, nerdy kid, bonded with faculty members like his sixth-grade computer teacher, who assisted him in building his own model from scratch. As he matured into his teen years, he came out of his shell and became a party promoter through an internship with Red Bull. Spiegel also began honing his negotiating skills after his parents divorced in 2007, when he hounded his father for a new BMW before moving in with his mother when she agreed to lease the car.
Despite not being the best student at Crossroads School for Arts and Sciences, Spiegel had honed his skills as a graphic designer, allowing him to follow in his father’s footsteps by being accepted to Stanford University in 2008.
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How To Become Rich Like Evan Spiegel?
Evan Spiegel did not become rich by luck. To become as rich as Evan Spiegel, you have to work smart.
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