Another £115m wiped off Snap chief Evan Spiegel’s stake


Another £115m wiped off Snap chief Evan Spiegel’s stake in social media group as dismal results send shares tumbling

Snap founder Evan Spiegel saw another £115m wiped off the value of his stake in the social media group as dismal results sent shares tumbling. 

The stock dived more than 30 per cent on Wall Street after third quarter losses ballooned to £324m from £65m a year earlier. 

That cut the value of the 3 per cent stake held by Spiegel – who is married to Australian model Miranda Kerr – to just £280m. 

Jet set: Evan Spiegel with his wife Miranda Kerr

When the stock peaked at $83 little over a year ago, those shares were worth £3billion. 

The company, which owns video messaging app Snapchat, blamed the poor results on the advertising markets, saying companies have cut marketing budgets. 

Challenges around Apple’s privacy changes also made it harder for apps to target advertising and measure the success of campaigns. 

And Snap is grappling with the rapid growth of rivals such as TikTok. 

On Thursday, the company reported that revenue rose 6 per cent to £1.01billion in the third quarter, well below expectations. 

To combat the decline, Snap is laying off 20 per cent of its 6,000 employees as part of a major restructuring.

Read more at DailyMail.co.uk