Few say no to Mark Zuckerberg, especially when he’s offering you $US3 billion. In the case of Snapchat founders Evan Spiegel and Bobby Murphy, it turned out to be a prescient move.
Snapchat’s parent company, Snap, is going public on Thursday, and each founder’s stake in the company will be worth more than what Facebook offered for the entire company. Back in 2013, Facebook CEO Mark Zuckerberg offered $US3 billion, which Spiegel turned down.
Snap priced its IPO at $US17 a share, awarding the company a $US24 billion valuation. According to its S-1 filings, Spiegel and Murphy own the most shares.
With a projected value of $US17 a share, Spiegel will now be worth around $US4.49 billion, which includes the extra 3% of stock he’ll get when it goes public.
Murphy will be worth around $US3.86 billion.