Snap co-founders’ wealth plunges US$3.2bil on profit warning

As recently as September, Spiegel was worth US$15.3bil (RM67.19bil) and ranked among the 140 richest people in the world, according to the Bloomberg index. — dpa

Like the disappearing “snaps” that users post on its social-media app, Snap Inc’s Evan Spiegel and Bobby Murphy just saw a big chunk of their fortunes vanish.

Shares of Snap tumbled 41% in New York trading on May 24 – its biggest intraday decline ever – after the company cut revenue and profit forecasts, slashing the wealth of its two co-founders as well as other billionaire social media owners.