Attention, Joe Biden and Bernie Sanders: This could never happen in a socialist state. Snap, Inc. co-founders Evan Spiegel and Bobby Murphy earned a combined $2.7 billion this week. How? Well, their social media company reported better-than-expected financial performance and a boost in usage for their Snapchat mobile app. Yeah, count the Spiegel/Murphy combo as founders of a company that benefited big time from the pandemic lockdown.
Oh, and about those earnings: Snap reported a net loss of $200 million in the third quarter. That’s not a misprint, but they lost a lot less than analysts anticipated; in fact, it was an improvement of $28 million over 2019 and $126 million better than the previous quarter.
Let’s go to the scoreboard: Murphy’s stake in Snap is now worth $1.398 billion more than it was a week ago, and Spiegel isn’t doing too shabby either. He improved his net worth by $828.93 million. Wait, there’s more. In case you didn’t know it, Spiegel is married to supermodel Miranda Kerr, so life is not exactly horrible for him.
Give the fellas credit, though. They laid it on the line and made their idea come to life, and the world has responded. If you have teenage children, you know how big Snapchat is in their lives.
Murphy and Spiegel are the second- and third-largest individual stockholders in the company. Murphy owns 7.32% and Spiegel has 4.4% of the company. The biggest shareholder? Tencent Holdings of China. Wait—isn’t China a socialist country?
USA! USA! USA!