TweakTown
Tech content trusted by users in North America and around the world
5,672 Reviews & Articles | 36,054 News Posts

ReportTT: Snapchat founders each got $10 million in secondary offering

Snapchat founders reportedly each pocket $10 million from secondary funding round

| Business, Financial & Legal News | Posted: Jun 26, 2013 1:03 am

Snapchat founders Evan Spiegel, 22, and Bobby Murphy, 24, have reportedly each pocketed $10 million a piece through a secondary offering. A secondary offering is one in which the founders of the company offer up some of their shares to be sold to investors. This usually only occurs with a hot property, such as Snapchat, and allows the founders a bit of liquidity, since they likely won't be making money off of Snapchat for a while.

 

TweakTown image news/3/1/31343_1_reporttt_snapchat_founders_each_got_10_million_in_secondary_offering.png

 

Yesterday we reported that Snapchat raised $60 million during a funding round, however, other reports have surfaced that that the company raised a total of $80 million through the two funding rounds, with the secondary funding round being done by the founders. Snapchat has not yet disclosed the secondary funding round that others have reported.

 

It looks as though Snapchat could be poised to become the next Instagram and investors clearly don't want to miss out on the opportunity.

NEWS SOURCE
News.cnet.com

Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

Latest Downloads

View More Latest Downloads

TweakTown Web Poll

Question: Did EA kill the Battlefield franchise with the terrible BF4 issues?

Yes, Battlefield is doomed

No, Battlefield will live on strong

I'm not sure, but I know EA needs to improve its game

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
Get TweakTown updates via Facebook!
Just click the "Like" button below