The 26-year-old CEO and co-founder of Snap Inc. (NYSE: SNAP), Evan Spiegel has been legitimately awarded approximately 37 million additional company shares, according to regulatory filing with the SEC. At Snap Inc.’s closing share price of $ 21.44 on Tuesday, Spiegel’s bonus is worth about $ 800 million.
Prior to Snap’s IPO, the company clarified that Spiegel’s CEO bonus was projected to drive him to proceed with his business and enhancing financial results so that he could access an initial public offer, they consider an important landmark that will stipulate liquidity to their Stockholders and employees.
Spiegel has satisfied his end of the deal now that Snap has gone public. The fully vested shares, which make about 3% of Snap’s outstanding stock, will be given to him in spurts over a period of three years. The net worth places, which is almost completely established on Snap’s share price, at close to $ 5.5 billion.
Given that Spiegel or cofounder Bobby Murphy does not sell additional shares, Spiegel’s 3% stock award will also mean that he is prominent voting power at Snap after three years. Currently, he and Murphy each manipulate 50% of Snap’s Class-C shares, which comes with 10-1 voting rights. The company’s publicly traded Class-A shares come without voting rights.