Snap went public on Thursday. Given its IPO price of $17 a share, CEO Evan Spiegel and chief technology officer Bobby Murphy made a neat $272 million each from selling some of their shares.
According to Snap's latest S-1 filing with the SEC from Feb. 27, Spiegel and Murphy sold 16 million shares each on Thursday. The company opened at $24.
Their 16 million shares is a small fraction of the number of Snap shares the co-founders own. Considering the post-pop price of $25, Spiegel's remaining 210,970,819 shares are still worth about $5.3 billion. Murphy also has the same amount of remaining shares.
After Spiegel and Murphy, here are the people who round out the top five individual shareholders in the company:
- Mitchell Lasky, general partner at Snap investor VC firm Benchmark, sold 10,695,868 shares. At the $17 price, he stands to make $181.8 million in sales. His remaining Snap stocks (120,903,572 shares) are worth $3 billion at the post-pop $25 a share price.
- Snap vice president of engineering Timothy Sehn did not declare plans to sell shares today. His 6,746,664 shares are worth $168.7 million at the post-pop price.
- Snap Chairman Michael Lynton sold 54,907 shares, which will give him a cool $933,419. His remaining Snap stocks (2,964,733 shares) are worth $74.1 million at the post-pop price.
Other investors who will make bank include:
- Benchmark Capital Partners sold 10,695,868 shares, worth $181.8 million at $17 a share. Its remaining shares (120,903,572 shares) are worth $3 billion at the post-pop $25 a share price.
- Lightspeed Venture Partners sold 4,632,890 shares, worth $78.8 million. Its remaining shares (38,681,870 shares) are worth $967 million at the post-pop price.
- General Catalyst Group sold 572,904 shares, worth $9.7 million. Its remaining shares (10,139,736 shares) are worth $253.5 million at the post-pop price.
Correction: This story was revised to correct the price that Snap insiders sold their shares as part of the IPO allocation. It was $17 per share.
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