Fortunes Of Social Media Billionaires, Led By Snap’s Evan Spiegel, Plunge Billions On TuesdaySocial media companies’ share prices soared during the pandemic. Now those stocks are coming back to Earth — along with the fortunes of their billionaire founders. The fortunes of the billionaire founders of
Snap, Meta Networks, Pinterest and Twitter fell by a combined $10 billion.
Shares of Snap, the parent company of Snapchat, plummeted an astounding
43%. As a result, Snapchat cofounder and CEO
Evan Spiegel is
$1.7 billion poorer than on Monday.
Pinterest is the second worst hit in percentage terms. Shares of the photo-sharing website cratered by nearly
24% on Tuesday. Cofounders
Ben Silbermann and Paul Sciarra are now worth
$1.1 billion each after losing 20% of their net worths.
Meta Platforms, which operates Facebook Instagram and WhatsApp, is down
7.6% since Monday, erasing
$5.2 billion from founder
Mark Zuckerberg’s fortune.
