Snap Inc (NYSE:SNAP) subsidiary co-founders Evan Spiegel and Bobby Murphy have a new fortune; a publicly traded company. The duo earned a combined $2.8 billion making them the only self-made billionaires in the world who are under the age of 30. Snap is a subsidiary of Snap Inc and each of the two has an 18% stake in it.
The company debuted on the New York Stock Exchange and apparently was the most predictable tech IPO in years. Each of its shares cost $17 placing the company at a value of up to $24 billion. In the last round of trade, Snap’s shares had risen to 3% closing at $24.48 per share. At the end of it, the photo-sharing mobile app stood at a value of $28.3 billion.
Spiegel and Murphy have had a speedy rise up the ranks of the world’s richest people
Spiegel and Murphy are relatively young; 26 years and 28 years respectively. With the net worth of each of them, they are up more than 150 places on the Bloomberg Billionaires Index. Initially, Forbes had estimated their fortunes at $4 billion but the sale of 16 million shares by each founder escalated this estimation to another level and to the surprise of many.
The pair is in command of 88.5% of the company’s voting rights; thanks to the unique voting structure at Snap. In ensuring the two retained the control of the company, none of the Class A shares were presented at the IPO. By March 2015 Spiegel had a net worth of $1.5 billion.
Snap’s initial success on the public market is an eye opener for other billionaires
The jump in Spiegel and Murphy’s fortunes is not only incredible but promising to the other billionaires in the United States. A majority of them have had their fortunes tied to highly valued unicorn startups the likes of Uber, Stripe, and Airbnb among others. All eyes are now on Snap and its founders perhaps for the next surprise.
Meanwhile, Snap’s stock closed at $24.48 an increase of $7.48 or 44.00%.