![]() ![]() At the time Snap began trading, Spiegel became one of the youngest public company CEOs. On the day of the IPO Spiegel sold 16 million shares resulting in a $272 million pre-tax windfall (roughly $180 million after taxes). The company was expected to go public at $17 per share but actually opened up at $24, ending the day with a market cap of $20 billion. That turned out to be a very wise decision because in August 2014, Snapchat took on an investment from Venture Capital firm Kleiner Perkins that valued the company at $10 billion. After that, the image is deleted from their smartphone and from the Snapchat server.Īt some point in 2013 the founders rejected an all-cash acquisition offer from Facebook for $3 billion dollars. You can then specify how long the person can view the image from 1 to 10 seconds. The application allows you to photograph something, add text or sketch on the image, and then send it to a controlled group of recipients. As a result, Spiegel actually left Stanford shortly before graduating to focus on the app full-time. ![]() They eventually renamed it as "Snapchat", and by 2012 the app was gaining in popularity with over 1 million daily active users. Reggie Brown ultimately received a $158 million settlement. He would later sue Evan and Bobby claiming that Snapchat was his own idea. They launched the prototype under the name "Picaboo".Īt some point in 2011, Reggie Brown left the company. Instead, he teamed up with fellow Stanford students Bobby Murphy and Reggie Brown to develop the idea. ![]() His classmates did not think it was a good idea, but he did not give up. While a student at Stanford, where he studied product design, Spiegel proposed an idea for an app with ephemeral messaging for a class project. He continued his education at Stanford University. While still a high school student, he took design classes at the Otis College of Art and Design, as well as the Art Center College of Design in Pasadena. He attended high school at the Crossroads School for Arts and Sciences in Santa Monica. He was raised in Pacific Palisades, California, in an Episcopalian household. Spiegel and Melissa Ann Thomas, are both lawyers. Evan Thomas Spiegel was born in Los Angeles, California, on June 4, 1990. ![]()
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