Some people were angry that I exhibited some sympathy towards Evan Spiegel, the billionaire co-founder of Snapchat. Evan recently married Miranda Kerr, and their wedding photos came out earlier this week in Vogue. The wedding seemed half-humble and half-crazy, with Miranda’s “princess gown” by Dior and a huge headpiece-and-veil, combined with the fact that the wedding actually took place in their backyard, and less than fifty people came out for it. There’s no question that I think of Miranda as a golddigger, as she was on the hunt for billionaires before Evan ever came around. But does that make him sympathetic? I don’t know. Probably not. Well, in case you want to have even less sympathy for Evan, please enjoy this story about how Evan is taking a bros-only vacation in Europe as Snapchat’s stock craters.
While Snapchat investors may have swooned over new wedding pictures of Snapchat CEO Evan Spiegel and his blushing bride, Miranda Kerr, they are peeved that Spiegel is said to be floating around on a megayacht in Europe as Snap stock sinks. Spiegel — who in May married Kerr, who wore a Grace Kelly-inspired dress — gave himself an $800 million bonus for taking his company, Snap Inc., public in March at a $33 billion valuation.
But this week, Snap shares hit a fresh low, and the social media company is now worth less than half its peak value. Shares are down nearly 30 percent in the past three months as analysts criticized Snap’s ability to “innovate and improve its ad product this year.”
Meanwhile, sources say Spiegel is rumored to be sailing off the coast of Italy, then possibly on to Greece, with his bro buddies on the 70-meter superyacht Joy, which rents for up to 840,000 euros (about $967,415) for just a week. One incensed Snap investor told Page Six, “Where are the shareholders’ yachts? Evan is chilling on the coast while Snap burns under Facebook competition. He’s feasting on Italian delicacies while shareholders starve. ‘Let them eat losses!’”
The problems for Snap — whose reps didn’t get back to us — are stacking up. The company’s first-quarter revenue and user growth fell short of Wall Street expectations. Meanwhile, Mark Zuckerberg — who reportedly floated a $3 billion takeover offer of Snap in late 2013 and was famously rebuffed by Spiegel — has developed a similar platform to Snapchat on Facebook and Instagram, cutting into Snapchat’s user numbers.
“The death knell for Snapchat was Instagram Stories,” David Pierpont, of digital agency Ansira, told CNBC a week ago. “When we saw that, we said, ‘It’s over.’ ”
As he owns more than 90 million shares of Snap, Spiegel, 27, is one of the world’s youngest billionaires. But the drop has slashed the value of his net worth from $6 billion to around $3.6 billion.
Page Six confirmed today that Evan is still yachting in Europe as the stock continues to crash, and that he has no plans to return to America. He and his bros are yachting for three weeks and nothing will stop them. Personally, I think if you’re heavily invested in Snapchat, you probably should have been aware of what you were getting. That goes for Miranda Kerr too – her husband jets off for a three-week bro-cation just a few months after their wedding? Maybe Miranda isn’t too happy with him either. She thought she was marrying a dude worth $6 billion, not some measly $3.6 billionaire. *scoffs*
Photos courtesy of WENN.
I think that even if I had all the money in the world, I couldnt spend a million dollars in one week without intense intense guilt. How can people do that?
Let me guess, Evan grew up wealthy?
he did
While that amount of money in a week is something I would never spend, owning a yacht is so much more expensive. We repair and maintain the paint work of yachts and just that aspect of boat maintance can run you several thousands of dollars. Yachts can run from the lower millions to upper millions to purchase. The amount of money needed for upkeep alone can run half a million a year, now factor in having a Captian and shipmates you are looking at maybe a million or more a year.
In the Johnny Depp financial mess, they talked about how much it cost for him to maintain JUST the yacht – several hundred thousand A MONTH. Upkeep, crew, maintenance, and then a crazy purchase price. Don’t buy a yacht.
The two happiest days in a man’s life are the day he buys a yacht, and the day he sells it. Cliches are true for a reason.
Looks like her investment is sinking, too.
These two will never be completely broke but if he looses his status of Billionaire she will move on. This chica isn’t kidding when it comes to cash.
I just realized I’ve never seen a picture of her when her head wasn’t tilted to one side. Is there something wrong with her neck?
Yes, this! It makes me feel disoriented when I see her picture, which may be contributing to my dislike of her. Blake Lively is exactly the same, always with the head tilted to one side. They look like my dog when she had an ear infection.
Now I understand why Miranda was sooo indignant at Facebook “stealing my fiance’s ideas!” She sounded whiny but she had a point – innovate or loose those billions, bro.
Hew new husband should listen to his golddigging wife with care. She knows where the money is.
He should be afraid as she is.
Zuckerberg has come from being a young billionaire to one of the richest and most influential really fast.
But he seems here to stay.
It seems he could be the bill Gates of our generation.
We know this way of proceeding makes a lot of victims.
Evan should real quick find his inner Steve Jobs not to see his work completely destroyed
lose not loose
My husband and I were discussing how much we’d have to be earning in order to feel ok paying $100+ for a t-shirt… simple basic t-shirt. We both agreed that our income would have to be at least double each and the shirt better feel amazing!! It’s crazy much money the super wealthy can burn just for fun. Saddds face :-[
geez, poor stock holders.
starving. sure.
This MUST be True Love. They get married and he spends a 1 million honeymoon with the bros. Love is beautiful. I’m sure he’s telling them about his first and only time with Miranda, just before she got the worst and most prolonged migraine in history.
It ‘s a contract.
He has a celebrity gorgeous sexy wife with a good network, ready to go in the charity circus, to help his business and image.
They may be in an open marriage, so she turns a blind eye to his discreet yachting side pieces.
It changes the way medias talk about his private life: no more already rich frat bro brat hitting the snapchat jackpot, but a respectable step father and husband business man living the American dream.
She has very high financial security she is looking for, and the capacity to live at the level she loves with all the perks ,among the more than thousand über wealthy, who can despise others without risks.
Win win situation for everyone. And sometimes it can build more solid unions than love. Look at Caroline of Hannover. 😂
With the addition of stories and filters, Instagram will make Snapchat obsolete.
I doubt Spiegel is just yachting for fun. There is business there where he is. It is summer season and a lot of the filthy Rich from Europe and elsewhere flock to the mediterranean and Cote d’Azur and Italy and Greece.
That’s probably true, but either way I’m sure that’s going to be his story to the IRS.
One incensed Snap investor told Page Six, “Where are the shareholders’ yachts? Evan is chilling on the coast while Snap burns under Facebook competition. He’s feasting on Italian delicacies while shareholders starve. ‘Let them eat losses!’”
Tough, if you can’t afford the loss don’t buy shares, all share trading is a gamble just like a betting on a horse, you made the wrong gamble , don’t whine about it.
A bros-only vacation? He wants another yacht girl?
Just a comment about Snapchat… I am on it but I feel old and dumb because I can’t figure out how to navigate the app. I can do selfies with animal filters, the end. I don’t post them. I follow like 5 people.
Instagram, I love. I spend most of my social media time on there. And I actually use Instagram Stories. The filters aren’t as cool as Snapchat but… much prefer IG story. So I really don’t care about Snapchat at all anymore.
Just my take.
I don’t feel sorry for stockholders at all – they knew their shares would never have any voting rights & bought anyway. Evan’s control rights last until 9 months after he dies. Fully disclosed. Gamblers beware.