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 ). Also, 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. Evan Spiegel’s estimated net worth is € 8.51 billion.
Creation of Snapchat
He founded several online portals, which were not particularly successful: FutureFreshman should make it easier for students from US universities to apply to potential employers.
Then – by chance – he developed 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 dropped out of his studies to devote himself entirely to his Snapchat project. Also, a settlement was fought out, 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, private emails from Evan Spiegel were shown on a blog. Most of them were homophobic and misogynistic. He later apologized for these statements.
Snapchat Inc. was renamed Snap Inc. and has been listed on the stock exchange since 2017. When the company went public, it 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. As a result, Snapchat became increasingly popular, especially among the younger target group, 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 euros, but both had turned it down. In doing so, both of them had done each other a favor because the app was becoming increasingly popular, and new functions provided further monetization opportunities. In 2016, Snapchat was meanwhile valued at $ 16 billion.
One reason for this is especially because advertisers have gained easy access to younger target groups through Snapchat. Every user is confronted with advertising; there is no way to hide it.
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 the target group better received functions. 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 again functions that stood out from all other apps. The stories are now available on almost every platform – Instagram, Facebook, or even dating apps. Evan Spiegel got rich with Snap Inc., making him a billion-dollar fortune.