Snap Co-Founders to Sell Up to $256 Million of Stock Each in IPOBy
The company isn’t the only one selling stock in Snap Inc.’s initial public offering.
Of the 200 million shares being offered in the IPO for $14 to $16 apiece, the company is shilling out 145 million of them. The rest of the deal, which could raise as much as $3.2 billion in total, is coming from insiders and investors.
Here are the notable stockholders taking money off the table at the IPO, according to Snap’s deal filing:
- Snap co-founders Evan Spiegel and Bobby Murphy could each take home a check of as much as $256 million after the IPO. The duo each plan to sell 16 million Class A shares. After the offering, they’ll still maintain control over a combined 88.8 percent of the votes.
- Michael Lynton, a Snap director and chairman of the board, will sell 54,907 shares for as much as $878,512.
- Mitchell Lasky, a Snap director and the beneficial owner of the shares from early investor Benchmark, will sell 10.7 million shares for as much as $171.1 million. Benchmark will still have 2.7 percent of the voting power after the offering.
- Lightspeed Venture Partners will sell 4.6 million shares for as much as $74 million. The firm will have 1.8 percent of the voting power after the offering.
- General Catalyst will sell 572,904 shares for as much as $9.2 million.
- Entities linked to Technology Opportunity Partners LP will offer 364,711 shares for as much as $5.8 million.