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Snap CEO Evan Spiegel is set to make $4.5 billion — here's who else will get rich from the Snap IPO
Snap's hotly anticipated IPO is going to make a lot of money for its founders, investors, and early employees.
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The company just priced its IPO at $17 a share, awarding the company a $24 billion valuation.
According to its S-1 filings, Snap's cofounders, Evan Spiegel and Bobby Murphy, own the most shares.
Venture shareholder Benchmark will also see some healthy returns, with its early investment a few years ago now worth a whopping $2.24 billion.
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Here's a list of Snap's major shareholders at its IPO, and what the value of their stake would be at $17 a share.
Note that this list doesn't include shares that haven't vested by the time it goes public (including a $145 million stock bonus for Imran Khan), but does include Spiegel's bonus that he'll receive immediately upon IPO.
Projected value at $17 a share: $4.49 billion (which includes the extra 3% of stock he'll get when it goes public).
Class A shares: 113,164,485
Class B shares: 5,862,410
Class C shares: 107,943,924 + 37,232,102 granted as a bonus for going public
Spiegel launched Snapchat with Bobby Murphy in September 2011. Described as a product visionary to rival Steve Jobs, Spiegel holds the title of CEO at the company and has set up its share structure so that he and Murphy will retain control in the future.
Projected value at $17 a share: $3.86 billion
Class A shares: 113,164,485
Class B shares: 5,862,410
Class C shares: 107,943,924
Murphy and Spiegel were frat brothers at Stanford when they cofounded the app and have grown it to a company much larger than just disappearing messages. While Spiegel is described as a product genius, it is Murphy who is leading a lot of Snap's cutting-edge work in its Snap Labs division.
Projected value at $17 a share: $2.24 billion
Class A shares: 65,799,720
Class B shares: 65,799,720
Benchmark is the largest venture shareholder in Snapchat, thanks to the round it led in 2013. "We believe that Snapchat can become one of the most important mobile companies in the world," Benchmark's Mitch Lasky wrote in a blog post at the time of the deal.
Projected value at $17 a share: $1.47 billion
Class A shares: 43,314,760
Class B shares: 43,314,760
Lightstpeed's Barry Eggers first heard about Snapchat from his daughter. Jeremy Liew sent Spiegel a message on Facebook about meeting up, right at the time when the company was about to run out of money to pay the server bills. Liew flew to LA and wrote Snapchat its very first check.
Projected value at $17 a share: $114.7 million
Class A shares: 3,373,332
Class B shares: 3,373,332
Since joining in 2013, Timothy Sehn grew Snapchat's software-engineering team more than tenfold. Before joining Snapchat as its VP of Engineering, Sehn spent over a decade at Amazon, where he started as a software-developer intern and left as an engineering director.
Projected value at $17 a share: $51.3 million
Class A shares: 1,509,820
Class B shares: 1,509,820
Former Sony Entertainment CEO Michael Lynton stepped down from his position to focus on another role as chairman of Snap Inc. Lynton has been a trusted adviser to Spiegel, and he's been on the board of Snapchat's parent company since 2013.
Projected value at $17 a share: $48.2 million
Class A shares: 1,418,868
Class B shares: 1,418,868
Imran Khan jumped from the banking world to the tech world in January 2015 when he joined Snap as its chief strategy officer. His connections have already helped Snap get a $200 million investment from Alibaba — he was the lead banker for the Chinese retail company's IPO — and Snap raised an additional $1.8 billion in May 2016.
As one of Spiegel's direct reports, Khan's main job at Snap is to lead its strategy and help chart its path to IPO.
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