Snap CEO Evan Spiegel sold $50 million in Snap stock - his first sale since the IPO

Posted On: Feb 17, 2018   |   Posted By: Business Insider

Snap CEO Evan Spiegel sold $50 million in Snap stock - his first sale since the IPO

Snap CEO Evan Spiegel sold $50 million in Snap stock.
It's his first stock sale since Snap's IPO.
Snap CEO Evan Spiegel sold 2,675,600 shares of Snap last week at a price of $18.71 per share, a transaction netting him just over $50 million.
The transaction was disclosed in a filing with the SEC, which you can read here .
It's Spiegel's first official public stock sale since Snap's IPO last March. He previously promised not to sell any of his stock during 2017.
The sale was conducted according to a pre-arranged sales plan, and was only 1% of his holdings. He still retains control of the company and its primary product, Snapchat, as does his co-founder Bobby Murphy.
Spiegel's fortune is worth roughly $4.5 billion.
Earlier this week, he defended Snapchat's recent controversial redesign at a conference in San Francisco.
"We'd been thinking about the redesign for a really long time because we were frustrated that when you looked at the , both sides looked the same," Spiegel said. "We're excited about what...

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