LOS ANGELES — Two under 30 year olds who previously attended Stanford University did the best off the Snap IPO.
They are Bobby Murphy, 28, and Evan Spiegel, 26, who were able to sell 16 million shares. Their shares were valued at 5.2 billion each for based on the closing price of the stock’s first day
Spiegel is the product visionary and CEO of the company whereas Murphy works as Snap’s chief technology officer.
But they weren’t the only ones to do well as several investors and long-time company employees either cashed out or are sitting on big paper gains.
With 6.6 million shares is Timothy Sehn, the company’s vice president of engineering. He decided not to sell any shares, but his paper value is estimated to be $165 million.
With 2.8 million shares is Imran Khan, Snap's Chief Strategy Officer, which are estimated to be worth $69 million. He joined the company after a stint at Credit Suisse where he helped orchestrate the IPO for the Chinese ecommerce company Alibaba Group, which was the biggest in tech history.
Early backers, such as venture capital firms Lightspeed Venture Partners and Benchmark Capital Partners, saw their investment handsomely rewarded.
Mitchell Lasky, a benchmark and general partner, received over $180 for their 10.7 million shares as part of the IPO. But they are still holding onto a stake worth almost $3 Billion.
Another company, Lightspeed, unloaded 4.6 million shares which were worth $78 million at the original price of the IPO/
One partner in Lightspeed, Jemery Liew, told the USA Today on Thursday that the IPO sent a message to young tech startups everywhere. If you can create a product that “enters the realm of popular culture such as Snap, you will have a bright future.
Then there’s Michael Lynton, who was the longtime CEO of Sony Pictures. He has been named the new chairman of SNAP. While he sold 55,000 shares as part of the IPO, estimated at $1 million, he has kept a stake valued at $73 million.