Snap CEO Evan Spiegel Just Got a Lot Richer

March 2, 2017, 7:39 PM UTC

Investors may be happy about Snap’s booming initial public offering, but no one is probably happier than CEO Evan Spiegel.

The 26 year-old is now worth around $5.5 billion after shares in his company made their public trading debut on Thursday.

The amount, on paper, at least, puts Spiegel in a rarified club of tech billionaires alongside Bill Gates, Google co-founder Larry Page, and Oracle co-founder Larry Ellison. Fellow Snap co-founder Bobby Murphy, 28, is also worth around $5.5 billion.

As part of the IPO, Spiegel and Murphy cashed out a small part of their holdings by selling 16 million shares each, according to a regulatory filing. Although Snap (SNAP) originally priced its IPO at $17 per share, investor enthusiasm for the company behind popular messaging app Snapchat lifted those shares 52% to $25.88 in mid-day trading.

That means Spiegel and Murphy just made $217 million each in Snap’s IPO. The two co-founders still own nearly 211 million Snap shares each.

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In addition to his stock based wealth, Spiegel earned $503,205 in salary in 2016, which research firm Equilar said makes for the biggest salary of any CEO of a privately held company prior to its public market debut in the past six years. For comparison, Match (MTCH) CEO Sam Yagan’s 2014 salary was $500,000 while Facebook (FB) CEO Mark Zuckerberg’s 2011 salary was $483,333 prior to their IPOs.

Spiegel also pocketed a $1 million bonus, the biggest CEO bonus of a pre-IPO company in the past six years, Equilar said.

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But like how videos and messages disappear on Snapchat, so too will Spiegel’s big salary. His salary will drop to $1 after Snap’s IPO, just like Zuckerberg, Equilar said based on corporate regulatory filings.

Lucky for Spiegel, he has plenty of shares to sell if he needs some quick cash.

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