The people who early recognized Snapchat’s potential are in for some great returns from it as it’s now valued at more than $30 billion besides the early notion of it being a sexting app. In its public market launch on Thursday, the parent company-SNAP announced the stock opening at $24, and it’s worth being around $33 billion.
Given the valuation, some millionaires and billionaires are likely to crop up.
Said to be Snapchat’s product visionary and guiding force, the Co-founder and CEO Evan Spiegel is expected to get a huge chunk of the IPO. Given his 210 million shares, the opening price has his shares worth $5.06 billion. Planning to do away with 16 million shares in the IPO, he’s likely to get another $272 million. Also, in the next three years, Evan is to get a CEO Award which comes in the form of 36.8 million in shares. Snap’s IPO filings state will be as a result of him getting the company to a public stature.
Benchmark’s (Venture Capital firm) partner Mitch Lasky is also set to benefit from the valuation as one of the early investors at Snapchat. Mitch and his company’s shares total up to $2.9 billion, and they also bagged another $182 million after selling 10 million shares as part of the IPO.
The 27-year old Chief Technology Officer and Co-founder at Snap shared the same platform with Spiegel during the New York Stock Exchange Launch. Evan and Bobby founded Snapchat in 2011 after meeting up at Stanford University. Wall Street Investors don’t have a say in the company’s operations as the two founders have the vote controlling rights over it. His shares are also worth $5 billion, but he’s not entitled to the CEO Award that Evan’s entitled to. Similar to Evan, he also plans to sell 16 million shares.
Lightspeed Venture Partners
Lightspeed’s stake in Snapchat is now worth $2 billion as they were the first to invest in the venture. A partner with the Lightspeed Venture on Thursday told CNNTEch how everyone was happy at Lightspeed with the New York Stock Exchange news.
Imran became the Chief Strategy Officer at Snapchat after giving his job up as a Credit Suisse Banker, and this might have been the best career move he made. His shares are worth $68 million if the opening price is anything to go by.
After stepping down as Sony Entertainment CEO, Michael is now Chairman of Snapchat. His worth in Snap stands at $71 million.
Sehn is one of the great benefactors from the Stock Exchange news despite not being that popular. He’s the Chief Engineer at Snap, and his shares are valued at $162 million.