Snap CEO Evan Spiegel sold $50 million in Snap stock - his first sale since the IPO
- Snap CEO Evan Spiegel sold $50 million in Snap stock.
- It's his first stock sale since Snap's IPO.
Snap CEO Evan Spiegel sold 2,675,600 shares of Snap last week at a price of $18.71 per share, a transaction netting him just over $50 million.
The transaction was disclosed in a filing with the SEC, which you can read here.
It's Spiegel's first official public stock sale since Snap's IPO last March. He previously promised not to sell any of his stock during 2017.
The sale was conducted according to a pre-arranged sales plan, and was only 1% of his holdings. He still retains control of the company and its primary product, Snapchat, as does his co-founder Bobby Murphy.
Spiegel's fortune is worth roughly $4.5 billion.
Earlier this week, he defended Snapchat's recent controversial redesign at a conference in San Francisco.
"We'd been thinking about the redesign for a really long time because we were frustrated that when you looked at the [app], both sides looked the same," Spiegel said. "We're excited about what we're seeing so far. Even the complaints we're seeing reinforce the philosophy. The frustrations we're seeing really validate those changes."
