Earlier this morning Snap Inc. became a publicly traded company. Shares opened up on the NYSE 40% higher than the expected pre-IPO price of $17. As of right now, ticker symbol SNAP is trading at $25 per share. With this public offering, lots of lucky Snappers became millionaires and multi-millionaires. But more impressively, the company's two 20-something founders officially became multi-multi-billionaires.
Snap's co-founders Evan Spiegel and Bobby Murphy rang the opening bell on the New York Stock Exchange earlier today to celebrate the public debut of their social media company. With the offering, both co-founders sold 16 million shares a piece this morning for a payday of around $272 million. Not a bad little way to start their day. After taxes they should easily both clear around $180 million in cash. But that's just a fraction of their equity.
Spiegel still owns 210,970,819 shares which at the most recent price are worth $5.3 billion. Murphy's remaining stake is worth around $4.8 billion.
Evan Spiegel is 26 years old. Bobby Murphy is 28.
Other Snappers who are having an extremely good day:
Snap's VP of engineering Timothy Sehn holds $170 million worth of post-IPO shares. Chairman Michael Lynton holds $71 million worth of shares. Venture Capital partner Mitchell Lasky holds $3 BILLION worth of shares. VC firm Lightning Speed Ventures holds $1 billion worth of shares. General Catalyst Group holds $250 million worth of shares.