With a net worth of $14 billion, he can afford it. And so Spiegel is spending north of $100 million to buy a titanic - and currently unfinished - compound in Holmby Hills, one of the most prestigious neighborhoods in Los Angeles. The couple’s main residence remains Los Angeles the pair have bunked up in a celeb-pedigreed Brentwood estate for the past five years, but it seems that place can no longer accommodate the growing family’s needs. Last year, Evan Spiegel forked over $30.4 million for a baroque estate in Paris, France, where the 31-year-old and his wife Miranda Kerr live part-time. Even the firm’s top lawyer got in on the real estate action. The chief business officer bought a house, the chief strategy officer bought a house, and a cofounder added another house to his collection.
Get the latest news from in your inbox.As Snap, Inc.’s stock price has skyrocketed over the past year, nearly all of the social media company’s top executives have spent lavishly on big new homes. Facebook, meanwhile, struggled initially but has since more than tripled its IPO price. Twitter, for one, soared initially after its IPO, but now trades 39 per cent below its IPO price. Thursday’s surge on Wall Street shows that there is initial investor excitement about Snap, but it’s not guaranteed to last. That has investors wondering whether the company will end up more like Twitter, with its troubles attracting users and declining stock price, or Facebook, with soaring user numbers and stock price. It’s popular with young people, but growth has slowed in recent months. Snapchat is best known for disappearing messages. Snap’s pricing valued the Los Angeles company at $US24 billion. Twitter is now valued at $US11 billion, while Facebook is $US395 billion. That, in turn, had created the biggest stir since Facebook made its debut on Wall Street in 2012. Snap’s IPO was one of the most anticipated for a technology company since Twitter’s in 2013. Kerr took Snaps with fans on the New York Stock Exchange floor.
Spiegel earned $A272 million by sharing 16 million of his shares in the offering.
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