Snap Inc. co-founders Evan Spiegel and Bobby Murphy have reportedly seen their fortunes plummet in the space of a year.
Bloomberg reported that its net worth fell by more than $11 billion between Friday and the same date last year. Snap’s CEO net worth was $13.9 billion as of Oct. 21, 2021, while it was about $2.3 billion, according to the outlet this afternoon.
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Murphy’s net worth has also reportedly plummeted. As of Friday, the CTO’s net worth was about $1.9 billion, down about 81%, according to Bloomberg.
The pair together own around 25% of the company behind social media app Snapchat, according to Forbes.
Snap released its third-quarter results Thursday after the market close, causing the company’s shares to plummet the following day. Its shares are down over 80% year-to-date, Fox Business previously reported.
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The company said it had revenue of $1.13 billion in the third quarter, up 6% from the prior-year period when it posted $1.08 billion. That metric was below analyst estimates. Meanwhile, the net loss increased to $360 million from about $72 million.
Factors including “platform policy changes, macroeconomic headwinds and increasing competition” hurt Snap’s revenue growth for the quarter, the company said in its quarterly investor letter.
“We are seeing our advertising partners in many industries cutting marketing budgets, particularly given the operating environment headwinds, inflationary cost pressures and rising capital costs.”
Snap said it saw “lower branded ad spend” and “lower bids per action and lower overall campaign budgets.”
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Der Spiegel announced in August that the company would cut its workforce by about 20% as part of a restructuring effort.
Lucas Manfredi contributed to this report.