Snapchat, the image messaging and multimedia mobile application created by Evan Spiegel, Bobby Murphy, and Reggie Brown when they were students at Stanford, could be well on its way to making Murphy and Spiegel billions of dollars.
The app is 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.
Spiegel had previously declined a $3 billion offer from Facebook in 2013 when the then two-year-old start-up had yet to generate even a penny in revenue. It looks like like he made the right call, as risky as it was.
Spiegel and Murphy are Snap’s largest shareholders, each controlling 15 to 20 percent of the Los Angeles-based company, said sources who asked not to be named because ownership breakdown is confidential.
Snap is looking to debut as early as March, according to The Wall Street Journal, citing sources familiar with the company’s plans.