Evan Spiegel just got an $800 million bonus for taking Snap public

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Snap cofounder Evan Spiegel just became $800 million richer.

The 26-year-old CEO has been officially awarded roughly 37 million additional company shares, according to a regulatory filing with the SEC. At Snap's closing share price of $21.44 on Tuesday, Spiegel's bonus is worth roughly $800 million.

Before Snap's IPO, the company explained that Spiegel's so-called CEO award was intended to "motivate him to continue growing our business and improving our financial results so that we could undertake an initial public offering, which we regard as an important milestone that will provide liquidity to our stockholders and employees."

See photos of Evan Spiegel and Miranda Kerr:

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Miranda Kerr and Evan Spiegel
Miranda Kerr and her Snapchat CEO boyfriend, Evan Spiegel arrive at the state dinner in honor of President of Finland and the Prime Ministers of Norway, Sweden, Denmark and Iceland at the White House in Washington on May 13, 2016. / AFP / Olivier Douliery (Photo credit should read OLIVIER DOULIERY/AFP/Getty Images)
BEVERLY HILLS, CA - FEBRUARY 14: Miranda Kerr and Evan Spiegel arrives at the 2016 Pre-GRAMMY Gala And Salute to Industry Icons Honoring Irving Azoff at The Beverly Hilton Hotel on February 14, 2016 in Beverly Hills City. (Photo by Steve Granitz/WireImage)
BEVERLY HILLS, CA - FEBRUARY 14: Co-founder of Snapchat Evan Spiegel (L) and model Miranda Kerr attend the 2016 Pre-GRAMMY Gala and Salute to Industry Icons honoring Irving Azoff at The Beverly Hilton Hotel on February 14, 2016 in Beverly Hills, California. (Photo by Michael Kovac/WireImage)
LOS ANGELES, CA - MAY 03: (EXCLUSIVE COVERAGE) Co-founder and CEO of Snapchat Evan Spiegel and model Miranda Kerr attend the Berggruen Institute: 5 Year Anniversary Celebration at The Beverly Wilshire on May 3, 2016 in Los Angeles, California. (Photo by Vivien Killilea/Getty Images for Berggruen Institute)
LOS ANGELES, CA - FEBRUARY 15: Entrepreneur Evan Spiegel (L) and Model Miranda Kerr attend the Republic Records Grammy Celebration presented by Chromecast Audio at Hyde Sunset Kitchen & Cocktail on February 15, 2016 in Los Angeles, California. (Photo by Imeh Akpanudosen/Getty Images for Republic Records)
LOS ANGELES, CA - FEBRUARY 15: Entrepreneur Evan Spiegel and model Miranda Kerr attend Warner Music Group's annual Grammy celebration at Milk Studios Los Angeles on February 15, 2016 in Los Angeles, California. (Photo by JB Lacroix/WireImage)
LOS ANGELES, CA - AUGUST 12: Miranda Kerr and billionaire boyfriend Evan Spiegel are seen out and about leaving LAX on August 12, 2015 in Los Angeles, California. (Photo by HEV/BuzzFoto via Getty Images)
LOS ANGELES, CA - AUGUST 12: Miranda Kerr and billionaire boyfriend Evan Spiegel are seen out and about leaving LAX on August 12, 2015 in Los Angeles, California. (Photo by HEV/BuzzFoto via Getty Images)
BEVERLY HILLS, CA - FEBRUARY 14: Co-founder and CEO of Snapchat Evan Spiegel (L) and model Miranda Kerr attend the 2016 Pre-GRAMMY Gala and Salute to Industry Icons honoring Irving Azoff at The Beverly Hilton Hotel on February 14, 2016 in Beverly Hills, California. (Photo by Steve Granitz/WireImage)
LOS ANGELES, CA - AUGUST 12: Miranda Kerr and Evan Spiegel are seen at LAX. on August 12, 2015 in Los Angeles, California. (Photo by GVK/Bauer-Griffin/GC Images)
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Spiegel has fulfilled his end of the bargain now that Snap has gone public. The fully-vested shares, which total about 3% of Snap's outstanding stock, will be given to him in increments over a period of three years. The bonus places his net worth, which is almost entirely based on Snap's share price, at close to $5.5 billion.

Provided that Spiegel and cofounder Bobby Murphy don't sell additional shares, Spiegel's 3% stock award will also mean that he gets the most voting power at Snap after three years. Currently, he and Murphy each wield 50% of Snap's Class-C shares, which come with 10-1 voting rights. The company's publicly traded Class-A shares come with no voting rights.

NOW WATCH: The fabulous and charmed life of 26-year-old self-made billionaire, Snap CEO Evan Spiegel

See Also:
Snapchat is facing 2 big growth barriers and the stock is sinking because of it
Here's what we know about Bobby Murphy, Snapchat's mysterious billionaire cofounder
Snapchat's IPO is ready for takeoff, and there's enough fuel for it to soar or burst into flames

SEE ALSO: 'Right now we're just celebrating': Inside Snap's crazy $33 billion IPO

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