Evan Spiegel’s net worth decreased from $ 13. 9 billion on October 21, 2021 to around $ 2. 3 billion on the same day this year, according to the Bloomberg Index for Billionaires.
The fortune of the 34 -year -old co -founder, Bobby Murphy, also fell, who is also 81 percent head of technology department in the company, this year to $ 1. 9 billion.
The third quarter saw the firm suffer losses of $ 360 million, which Snap ascribed in part to the 155 million dollar sum of restructuring fees.
After announcing the results, the company lost about a quarter of its market value, with the price of Snap share by more than 28 percent, bringing the share price less than 8 dollars, which is the lowest level since February 2019.
Late in August, Snapchat revealed a massive restructuring strategy that includes letting go of around 20% of the workforce.
Increased inflation and slow economic development, which put pressure on businesses and consumer spending, had an impact on Snap. Meanwhile, it became challenging for marketers to evaluate and manage their advertising campaigns due to Apple’s new privacy regulations, which mandate that all programmes request users’ consent before tracking them online.
It is noteworthy that Snap is among the companies that have benefited strongly from the Corona epidemic. To drop each year by 84 percent in order to completely eliminate this height.
The “Snap” creator loses more than 80% of his money in a single year.
About Author
