Snap Co-Founders’ Wealth Plunges $3.2 Billion on Profit Warning
- Evan Spiegel, Bobby Murphy slammed as company’s shares crater
- Other tech billionaires also hit, including Meta’s Zuckerberg
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Like the disappearing “snaps” that users post on its social-media app, Snap Inc.’s Evan Spiegel and Bobby Murphy just saw a big chunk of their fortunes vanish.
Shares of Snap tumbled 41% in New York trading Tuesday -- its biggest intraday decline ever -- after the company cut revenue and profit forecasts, slashing the wealth of its two co-founders as well as other billionaire social media owners.