Snap Founders Drop $4 BillionBy
Netflix Inc. shares hit an all-time high Tuesday and pushed the net worth of founder Reed Hastings to $2.7 billion, according to the Bloomberg Billionaires Index. The shares were buoyed by strong subscriber numbers helping investors to shrug off the company’s small profits. Snap Inc. shares dropped to an all-time low on the same day as investors reacted to negative projections from analysts. The falling stock has wiped out $4.3 billion from the combined net worth of co-founders Evan Spiegel and Bobby Murphy since the company’s initial offering in early March.