How rich is Evan Spiegel?
Evan Spiegel was born on June 3, 1990 in Los Angeles and grew up in Pacific Palisades. After graduating from Crossroads School in Santa Monica, he attended Stanford University. He also attended numerous design courses and completed an unpaid internship at Red Bull (Dietrich Mateschitz). In addition, he worked as a paid intern in a biomedical company and as a professional trainer in Cape Town and at Intuit. It wasn’t long before he developed his successful Snapchat app. The messaging app made him one of the richest people in the world. The cherished Evan Spiegel’s net worth is 8.07 billion euros.
Founding of Snapchat
He founded some online portals, which were not particularly successful: With FutureFreshman US college students should be able to apply to potential employers more easily.
Then he developed – by chance – Snapchat. It was a course project that was intended for his product design studies at Stanford. The app for iOS and Android was then developed by Evan Spiegel, Reggie Brown and Bobby Murphy. However, Brown sued both Spiegel and Murphy for claiming that the idea was largely his.
In 2012 Spiegel had broken off his studies so that he could devote himself entirely to his Snapchat project. In addition, a settlement was fought in which it was admitted that the idea of Snapchat originally came from Brown.
However, there were also downsides at the beginning of his career. In 2014 were posted on a blog private emails from Evan Spiegel shown. Most of them were homophobic and misogynistic. He later apologized for these statements.
Snapchat Inc. became Renamed Snap Inc. and has been on the stock exchange since 2017. When it went public, the company was valued at $ 34 billion. The technology and social media company based in Venice, USA, has over 3,000 employees.
The financial breakthrough
The breakthrough came in April 2012 when the first investor invested around 437,000 euros. Especially in the younger target group Snapchat then became increasingly popular and by the end of the year there were already 500,000 active users. Now there was even an offer to buy from Mark Zuckerberg, the founder of Facebook.
Mark Zuckerberg offered Evan Spiegel and Murphy € 2.7 billion, but both had turned it down. Both of them had done each other a favor, because the app was becoming increasingly popular and new functions provided further opportunities for monetization. In 2016 Snapchat is now valued at $ 16 billion.
One reason for this is in particular because advertisers have gained easy access to younger target groups through Snapchat. With Every user is confronted with advertising, there is no way to hide this.
The app generates terrific sales through advertising. Evan Spiegel approved an annual salary of around 520 million euros. The majority comes from a share package, because his official annual salary is 88,000 euros. Evan Spiegel is one of the richest people in the world.
Attacks by Facebook were unsuccessful
The developers of Snapchat had a feeling for which functions were better received by the target group. Not even Facebook could counter that, because its own app called Slingshot was discontinued after a short time. With Snapchat Memories and Stories there were functions again that stood out from all other apps. The stories are now available on almost every platform – Instagram, Facebook or even on dating apps. Evan Spiegel got rich with Snap Inc. and turned his fortune into a billion dollar fortune.
Cover picture: TechCrunch [CC BY 2.0], via Wikimedia Commons
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