Snapchat co-founders just lost Over $1 Billion each 

A billboard displays the logo of Snapchat above Times Square in New York

Snap Inc. co-founders Evan Spiegel and Bobby Murphy lost more than $1 billion each after the company reported earnings for the first time Wednesday afternoon. Shares fell 25 percent to a low of $17.12 at 4:38 p.m. before rebounding slightly when the social media company reported first-quarter revenue that was below analyst estimates. Snap said its Snapchat app added fewer users than projected and the business is struggling to expand its audience as Facebook Inc. copies its most popular features.

Spiegel and Murphy each had a net worth of more than $5 billion at the close of trading Wednesday, according to the Bloomberg Billionaires Index, and saw their fortunes drop to $3.8 billion after the results were announced. The index prices every day at 5 p.m. in New York and will reflect the updated net worth numbers on after the close of trading Thursday.

Source: Bloomberg

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