Billionaires: net worth of Snap co-founders plummets $3.2bn – The National

Billionaires: net worth of Snap co-founders plummets $3.2bn – The National

Like the disappearing “snaps” that users post on its social media app, Snap’s Evan Spiegel and Bobby Murphy just saw a big chunk of their fortunes vanish.

Shares of Snap tumbled 41 per cent in New York trading last Tuesday — its biggest intraday decline — after the company cut revenue and profit forecasts, slashing the wealth of its two co-founders, as well as other billionaire social media owners.

Mr Spiegel, 31, who is chief executive, saw $1.4 billion, or 30 per cent, of his fortune disappear, while Mr Murphy, Snap's chief technology officer, dropped $1.8bn, or 36 per cent. They are among the largest wealth declines of any US billionaires by percentage this year, the Bloomberg Billionaires Index shows.