American entrepreneur Evan Spiegel created the firm that developed the widely used messaging app Snapchat and serves as its chief executive officer. Evan’s proposal for a product design class project at Stanford University in 2011 was the genesis of the app. Evan, at 25 years old, cofounded the firm with two fraternity brothers and in the same year launched the platform that would forever alter social media.
The amount of money that Evan Spiegel is worth has gone up and down dramatically over the last several years. Despite numerous failures in business, he remains very rich and enjoys a lavish lifestyle.
What is Evan Spiegel’s net worth as of right now? Let’s examine Evan’s net worth, investments, and how he amassed it to one billion dollars in the social media industry.
Evan Spiegel Net Worth
As of September 2023, speculation places Evan Spiegel’s wealth at $6 billion and $6.5 billion. His wealth is comprised of his real estate holdings, personal investments, crypto and NFT holdings, and profits from Snapchat.
Evan Thomas Spiegel was born on June 4, 1990, in Los Angeles, California. Both his father, John W. Spiegel, and mother, Melissa Ann Thomas, are attorneys. He grew up in an Episcopalian home in Pacific Palisades, California. He graduated from Santa Monica’s Crossroads School for the Arts and Sciences.
He studied design at Otis College of Art and Design and the Art Center College of Design in Pasadena while still a high school student. He went on to finish his degree at Stanford.
While studying product design at Stanford, Spiegel came up with the concept for an app that would allow for temporary texting. His peers did not share his enthusiasm, but he persisted. Instead, he collaborated with Bobby Murphy and Reggie Brown, two other Stanford students, to bring the concept to life.
“Picaboo” was the name given to the prototype when it was released. Reggie Brown departed the firm at an unspecified time in 2011. Later, he’d file a lawsuit against Evan and Bobby, saying he came up with the concept for Snapchat. In the end, Reggie Brown settled for $158 million.
They rebranded it as “Snapchat” in 2012, and by that year it had over a million DAUs. As a consequence, Spiegel dropped out of Stanford just before completing his degree to devote himself fully to developing the software.
You may take a picture, annotate it with words or a doodle, and then share it with a select group of people using this app. Next, choose an available viewing time between 1 and 10 seconds. Both the photograph on their phone and on the Snapchat server will be removed after that time.
The company’s founders turned down a $3 billion buyout offer from Facebook in 2013. It was a smart move that paid off handsomely: in August 2014, Snapchat accepted an investment from Kleiner Perkins, a venture capital firm that valued the business at $10 billion.
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fluctuations in wealth
Spiegel still has 210,970,819 shares in Snapchat as of this writing. His fortune was $4.5 billion in June of the year 2020. His fortune reached $9 billion by December of 2020. His wealth reached $13 billion by September of 2021.
In 2022, Snapchat’s share price dropped by over 80% from January 1 and November. Evan’s stock was valued $1.57 billion in October 2022, when the stock price dropped to $7.50.
Spiegel’s wealth isn’t only due to Snapchat; he’s also made smart personal investments. Profits from these investments are projected to be over $1 billion. While the details of these investments have not been publicized, it is safe to assume that they have been dispersed over a number of different technology businesses in a wager on their future success in the digital age.
Spiegel has more than one source of income thanks to his estimated $1.5 billion in assets. These resources are dispersed over a wide range of sectors, with a particular emphasis on companies that deal with technology. Perhaps the substantial returns he has seen on his investments might be attributed to his keen business sense and eye for innovation.
Spiegel, like many other tech moguls, has grasped the importance of Bitcoin, investing an estimated $200 million in this sector. While his crypto holdings aren’t as vast as some of his peers, they nonetheless make up a significant chunk of his wealth. Spiegel’s willingness to take a chance on a potentially lucrative trend is shown by this move.
Investing using NFT
Spiegel’s openness and willingness to go ahead are shown in his enthusiasm for NFTs (Non-Fungible Tokens). Spiegel has shown his appreciation for digital assets and their potential impact on the future economy with an estimated $50 million investment.
Spiegel’s fortune also features prominently in the real estate industry. About half a billion dollars of his wealth is in real estate, a reflection of his confidence in that market’s steadiness relative to others.
Evan Spiegel persevered and eventually developed Future Freshman, a web-based tool for high school guidance counselors, parents, and students to use in navigating the complexities of applying to college. It was his first time taking charge. The undertaking got off to a promising start but was ultimately shelved due to unforeseen complications.
Spiegel and Murphy also got to know another kid named Reggie Brown about this time. Through working together, the three would accomplish something. Spiegel decided to create a prototype for one of his pupils based on an idea Brown had for a disappearing-picture app.
The three young guys began developing the prototype as soon as Murphy joined in. A word called “Picaboo” was originally used to describe the concept. At first, Spiegel’s classmates laughed at his final presentation because they didn’t see the use of temporary photographs.
The app was relaunched in September 2011 under the brand name Snapchat. As a mobile image messaging and multimedia app, Snapchat swiftly evolved when the Snapchat team prioritized usability and technology considerations. Over one billion images have been shared on the iOS app Snapchat by its users by the end of November, with 20 million photos being posted daily.
Snapchat users in 2012 were able to send 25 photos or videos each second. Brown left the firm at this period. Recent updates to the app, such as the “My Story” section and video calling capabilities, have contributed to its widespread popularity.
As a result of phenomenal growth, Snapchat now receives 10 billion daily video views, a milestone it surpassed in 2016. By April of 2016, it had already been the most downloaded app in 28 countries.
How He Builds $3 Billion?
Spiegel has built a reputation as a risk-taker and innovator throughout his career and startup. In 2013, when Snapchat was not profitable and had no way to generate revenue, he rejected a $3 billion offer from Facebook to acquire the company. The decision proved to be a good one. The next year, Snapchat accepted an investment from the venture capital firm Kleiner Perkins at a valuation of $10 billion.
Spiegel made a lot of money when Snap Inc. debuted on the New York Stock Exchange in March 2017; the company was valued at $20 billion at the day’s close after launching at $24 per share. In addition to being one of the youngest CEOs of a publicly traded firm, Spiegel earned $272 million before taxes from the sale of 16 million shares on this day.
Spiegel was rewarded with 37 million more Snap Inc. shares for his role in leading the business to an initial public offering. Evan was one of the youngest billionaires in the world at the end of the day, with a net worth of $4 billion.
In 2015, Spiegel started dating Australian model Miranda Kerr. They started dating in July of 2016, and by May of 2017, they were engaged. Hart Kerr Spiegel (born in 2018) and Myles Spiegel (born in 2019) are the couple’s boys.
In 2018, he disclosed that he returned to Stanford to finish off his unfinished degree after being motivated to do so by the birth of his first son. Despite never having lived in France, Spiegel was granted French citizenship in 2018.
Because of a provision in French naturalization legislation that exempts applicants who have made significant contributions to France’s culture or economy from the residence requirement, he was eligible to become a French citizen.