Evan Spiegel’s bonus for bringing Snap public: $800 million
Back in 2015, Snapchat's investors reached an agreement with CEO Evan Spiegel: If he took the company public, he'd get 3 percent of the company's outstanding shares as a bonus. The move was intended to "motivate him to continue growing our business and improving our financial results," according to Snap's IPO paperwork.
Last week, Spiegel took Snap public. This week, his bonus came in.
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Spiegel was granted a stock award of more than 37 million shares of Snap stock, according to a document filed with the Securities and Exchange Commission on Tuesday. At the company's current stock price of $21.44 per share, that means his bonus is worth almost exactly $800 million.
Not a bad bonus, though it was worth more just 48 hours ago. The company's stock, after jumping more than 50 percent from its IPO price on its first two days of trading last week, has been down nearly double digits in the past two days.
—By Kurt Wagner, Re/code.net.
CNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement. Disclosure: CNBC parent NBCUniversal is an investor in Snap.
Editor's note: This article originally published on Recode on Tuesday.