Snap CEO's Fortune Fell 83% Over Past Year: Bloomberg Billionaires – Business Insider

Evan Spiegel has lost 83% of his wealth over the past year, per estimates by Bloomberg. The Snap cofounder and CEO’s net worth fell from $13.9 billion to $2.3 billion. Snap posted a quarterly net loss of $360 million amid advertising struggles and stagnating user growth. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. Snap cofounder and CEO Evan Spiegel has lost 83% of his wealth over the past year, according to estimates by the Bloomberg Billionaires Index.Spiegel’s net worth fell from $13.9 billion to $2.3 billion between October 21, 2021 and the same day in 2022, the publication reported, a net worth decline of $11.6 billionThe wealth of fellow cofounder Bobby Murphy, who also serves as Snap’s chief technology officer, fell 81% in 2022 to $1.9 billion as of Friday, per Bloomberg.Snap, Snapchat’s parent company, posted a net loss of $360 million for the third quarter, up from a $72 million loss during the same quarter in the previous year. The loss included $155 million in restructuring charges, it said. This comes amid struggles with its advertising business as well as its user growth appearing to stagnate. The number of…
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