Snapchat's CEO Makes HOW Much?!

Photo: Andrew Parsons/REX/Shutterstock.
Today, everyone is buzzing about Snapchat's long-awaited IPO filing, submitted yesterday, which will make its previously private stock available to the public. Why the curiosity? The filing reveals some fascinating insights.

From the document, we found out just how many people use Snapchat each day (158 million at the end of 2016), what kinds of releases you can expect to see moving forward ("innovative and different camera products"), and how much the top executives are raking in.

So, what's in your bank account if you're Snapchat CEO Evan Spiegel, who, in true Mark Zuckerberg fashion, created the app in his Stanford dorm room in 2011? In 2016, Spiegel made an impressive $2,404,840. In 2015, he brought in $1,708,471. Those figures are thanks to a $1,000,000 bonus each year.

However, Spiegel's salary will change with the IPO. His $500,000 annual base salary will now decrease to $1, with an additional performance-based annual bonus of $1,000,000. As Fortune points out, the salary change is not unprecedented: Mark Zuckerberg changed his annual salary to $1 after Facebook filed for an IPO, as did Google co-founder Sergey Brin.

But Spiegel won't be living on pennies. Fortune says he's likely to become a billionaire based on his large stock ownership of the company.

A few other fun facts from the IPO: Snapchat was originally called Picaboo when it launched, before being renamed later that same year. And the company playfully acknowledged that at first, many people thought it was a sexting enabler.

Ah, how far it's come.

More from Tech


R29 Original Series