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Fortunes Of Social Media Billionaires, Led By Snap’s Evan Spie | Forbes

Fortunes Of Social Media Billionaires, Led By Snap’s Evan Spiegel, Plunge Billions On Tuesday

Social 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.