Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
A federal judge in California has blocked President Donald Trump from building sections of his long-sought border wall with money secured under his declaration of a national...Politicsread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
The race is underway to find a vaccine that can control African swine fever, a highly contagious and deadly viral infection ravaging China's hog population. There is currently...Agricultureread more
In early March, CEO Evan Spiegel received a hefty stock bonus worth about $750 million on completion of the company's initial public offering.
But on Wednesday, a poor reception for Snap's first earnings report wiped out more than that amount of his stake in the company.
Snap fell short of Wall Street expectations for revenue and user growth in the first quarter, sending its shares down $5.35, or roughly 23 percent, to $17.66 in after-hours trading.
At that level, they're hovering just above their IPO price of $17.
If that same price drop is sustained in regular trading Thursday, it will cost Spiegel more than $1.3 billion in the space of
At the time of the IPO, both men owned 210.97 million shares, including 97.16 million of Class A shares, 5.86 million of Class B and 107.94 million of Class C. Spiegel was granted an additional 37.4 million shares upon conclusion of the IPO.
Given the size of their stakes, any $5 drop in Snap's stock price will slash the value of their holdings by over $1 billion.
Still, even if the shares drop to $17, their holdings will be worth more than $3.5 billion each.
The company's earliest venture capital investors, Benchmark Capital and Lightspeed Venture Partners, are also in line for a big haircut when markets open on Thursday.
A $5 drop in Snap will cost Benchmark $604 million and Lightspeed $410 million, based on their post-IPO stakes.