Snapchat is far younger than the likes of tech giants Facebook and Twitter, but the Evan Spiegel net worth will still surprise you.
By their mid-twenties, most people are just beginning to find their feet in the adult world. Very few are in charge of more than 1,500 employees, run one of the world’s biggest technology companies, or have billions of dollars burning a hole in their pocket. Evan Spiegel ticks all of those boxes.
Who is Snapchat founder Evan Spiegel?
Spiegel lived a privileged childhood. Born to two successful lawyers, he spent his younger years in a $2 million Los Angeles mansion, chauffeured around in a fleet of luxury cars. He received his own $75,000 ride at the age of 16.
He enjoyed a start to life that most can only dream of. Yet, Spiegel’s future would be very different to that of his parents.
Spiegel took an interest in product design during his teenage years. He attended the Crossroads School for Arts & Science, before moving on to the Otis College of Art and Design. Spiegel went on to enroll on a design course at Stanford. Although, his career path soon changed.
Snapchat started out as Spiegel’s final university project. His idea was an app that allowed users to share photos privately for a limited amount of time.
Despite rejection from his peers and professors, the entrepreneur was determined to prove them wrong. Just months before completing his degree, Spiegel dropped out of Stanford to found Snapchat Inc. alongside classmates Reggie Brown and Bobby Murphy.
The image sharing app was launched as ‘Picaboo’ in 2011 and re-branded as Snapchat months later. Spiegel’s creation quickly climbed up the app charts and was soon processing an average of 25 images per second.
That figure is now much higher. Snapchat has a user base of 161 million daily users, who share more than 400 million snaps per day.
Evan Spiegel net worth: how did the Snapchat founder earn his fortune?
While the company initially struggled to monetise their creation, they have since introduced a number of strategies, including targeted ads and sponsored image filters.
Likewise, 2017 also saw Snapchat list as a publicly traded company, with an estimated value of around $33 billion.
As a result of that valuation, the Evan Spiegel net worth also rose significantly. The young entrepreneur is now worth $4.6 billion.
That puts him some way behind Facebook’s Mark Zuckerberg. Although, with Snapchat’s user base growing at a rate of 48% each year, Spiegel is likely to see his fortune grow.