On Tuesday, the fortunes of social media billionaires, led by Snap's Evan Spiegel, plummeted by billions
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| The fortunes of social media billionaires |
During the pandemic, the stock values of social media businesses surged. Now those equities, along with the fortunes of their billionaire founders, are plummeting.
The millionaire founders of Snap, Meta Networks, Pinterest, and Twitter all saw their fortunes plummet by $10 billion.
Snap, Snapchat's parent company, has seen its shares drop by 43%. As a result, Snapchat cofounder and CEO Evan Spiegel now has a net worth of $1.7 billion, down from $1.7 billion on Monday.
In terms of percentage, Pinterest is the second worst hit. On Tuesday, shares of the photo-sharing website plummeted by roughly 24%.
After losing 20% of their personal worth, cofounders Ben Silbermann and Paul Sciarra are now worth $1.1 billion each.
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