Snapchat's poorly-received first earnings report and subsequent drop in stock led CEO Evan Spiegel to lose more than the $750 million he received in a stock bonus for completing his company's initial public offering (IPO) in March, CNBC reported.
The social media app's shares fell $5.35, or 23 percent, Wednesday to $17.66 after the company released its first quarterly financial results as a public company. The drop in price means Snap is just above its IPO price of $17.
If the same price drop happens Thursday, Spiegel will have lost more than $1.3 billion in a period of less than 24 hours. Spiegel's co-founder, Bobby Murphy, will have lost $1.1 billion.
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Still, even if shares drop to $17, both men's holdings in the company will remain worth more than $3.5 billion each.