The boss of Snapchat had more than £55million wiped off his fortune as shares in the social media firm crashed nearly 13 per cent.
Evan Spiegel, who helped set up the messaging app in 2011 and is married to model Miranda Kerr, clocked up the loss after more disappointing results for the app’s parent company Snap on Tuesday.
The stock fell to $10.10 on Wall Street after the app, popular among teenagers, warned revenues could drop as much as 10 per cent in the first quarter.
Revenues remained roughly flat year-on-year at £1.1billion in the fourth quarter of 2022, making it the slowest pace of growth since the company went public in 2017.
‘It seems like advertising demand hasn’t really improved,’ Spiegel said. ‘In general it seems like our partners are just managing their spend very cautiously.’
Losses: Evan Spiegel (pictured with Miranda Kerr), helped set up messaging app Snapchat in 2011
His near-3 per cent stake has taken a beating, with £31billion wiped off Snap’s market cap in the past year.
Snap has laid off 20 per cent of its 6,000 staff.
Analysts at UBS downgraded Snap, citing increased competition from other social media companies.
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