Here's how much Snapchat founders Evan Spiegel and Bobby Murphy are worth after explosive IPO
When Snapchat founders Evan Spiegel and Bobby Murphy turned down Facebook's $3 billion offer to buy the company four years ago, many people were totally confounded -- but it looks like the two 20-something entrepreneurs are getting the last laugh.
Snap Inc. made its stock market debut on the New York Stock Exchange Thursday morning. And after opening at $24 a share, 41 percent above its IPO price of $17 apiece, Spiegel and Murphy saw their wealth grow exponentially in a matter of hours.
CEO Spiegel was ranked No. 854 on the 2016 Forbes 400 with a net worth of $2.1 billion and CTO Murphy's net worth was listed at $1.8 billion on the same ranking.
Thursday's IPO gives the pair stock holdings worth around $5 billion each.
That's a lot of money for a company that may never achieve or maintain profitability.