Snapchat’s boss sees almost £600m wiped off his fortune after shares in the social media app plunge 25%
Snapchat’s boss saw almost £600m wiped off his fortune after shares in the social media app plunged 25 per cent.
Chief executive Evan Spiegel, who co-founded the firm with software engineer Bobby Murphy in 2011 and is married to Australian model Miranda Kerr, saw the value of his 3.1 per cent stake tumble to £1.7billion from £2.3billion.
Murphy, who owns 6.3 per cent of the group, saw his own stake slashed by £1.1billion to £3.5billion.
Hit: Chief executive Evan Spiegel is married to Australian model Miranda Kerr (pictured)
The share price plunge came as Spiegel warned privacy rules rolled out by Apple in June, which stop advertisers tracking iPhone users without their consent, made it ‘more difficult’ for the company to assess how ad campaigns were performing on its app.
As a result of the setbacks, the company posted revenue for its third quarter of £773m, up 57 per cent year-on-year but lower than the £797m predicted by market analysts.