"Life is really about having an impact on the world, changing the way that people experience the world, changing the way that you experience the world." It's not about winning competitions or whatever," says Spiegel.
Overall, says Bloomberg, the world’s 500 richest people have seen their collective net worth fall by almost $1.7 trillion since the start of the year."So, obviously, life is not about making money. And Shopify founder and CEO Tobias Lütke is down 76%. His father, Ernie Garcia II, is down 76%. Murphy and Spiegel are hardly the only corporate leaders to see their net worth nose-dive in the past year.Ĭarvana cofounder and CEO Ernest Garcia III has seen his drop 94% in the past year. That letter was one of the earlier executive warnings to highlight the fast changing economic conditions at the time. Spiegel, in May, warned of dire times to come, saying in a memo that macroeconomic challenges were leading to a growth slowdown at Snapchat, noting there has been a significant cutback in digital ad spending owing to the toxic combination of rising interest rates, sky-high inflation, supply-chain challenges, and the war in Ukraine. It has also shut down its Web3 team in the past month, along with several projects including a social mapping app an app that would have allowed people to write songs collaboratively and a drone selfie camera. Snap has announced plans to lay off roughly 20% of its staff and reportedly plans to give up its San Francisco offices. This comes as user growth is stagnating, but hasn’t quite come to a halt. The company recently posted a $360 million quarterly net loss and has been having trouble attracting advertisers. While the losses are on paper and both founders are still billionaires, the sharp drop underscores Snapchat’s troubled position in the social media space these days. 21, 2021, and currently is worth about $2.3 billion.Ĭofounder and CTO Bobby Murphy saw his worth fall 81% to $1.9 billion, per Bloomberg. The plunging price of Snap’s stock is having a brutal effect on the fortunes of the company’s cofounders.Įvan Spiegel, who is also CEO of the company, has seen his net worth fall 83% in the past year, as of Friday, according to Bloomberg.
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