Snapchat co-founder Evan Spiegel rejected a $3 billion offer from Facebook in 2013, a risky and controversial move considering his then two-year-old start-up had yet to generate a penny in revenue.
It's safe to say he made the right call.
With the social-media start-up — now called Snap — reportedly headed for an IPO valuing the business at $25 billion or more, Spiegel and his co-founder Bobby Murphy each own a stake valued at roughly $4 billion based on that price, according to sources familiar with the matter.
The founders, who met at Stanford University, are Snap's largest shareholders, each controlling 15 to 20 percent of the Los Angeles-based company, said the sources, who asked not to be named because ownership breakdown is confidential.
The biggest institutional shareholder is Benchmark, which led a $13.5 million investment in 2013 at a $70 million valuation. The Silicon Valley venture firm now owns a stake of about 12 percent, the sources said, equaling around $3 billion.
"We believe that Snapchat can become one of the most important mobile companies in the world," Benchmark's Mitch Lasky wrote in a blog post at the time of the deal.
Lightspeed Venture Partners owns about 8 percent of Snap and Institutional Venture Partners controls around 5 percent, the sources said.