In 2011, Evan Spiegel and Bobby Murphy founded Snapchat Inc. when they created the photo and video-sharing app that is still popular. On March 2, 2017, the company, now dubbed Snap Inc., made its debut on the New York Stock Exchange, making the two of them even richer than before. Now, Murphy and Spiegel each have an estimated net worth of over $4 billion.
The 28-year-old Murphy was born in Berkeley, California and now lives in Los Angeles’ Venice neighborhood. Murphy is officially the Chief Technical Officer for Snap Inc.
Here’s a look at his career and estimated net worth.
1. Murphy Has an Estimated Net Worth of $4 Billion
It could be much higher than that though. That estimate is likely based off of the company’s Initial Public Offering price of $17 per share. However, Snap opened at $24 a share. The two agreed to sell 16 million shares in the offering, but still own over 210.9 million shares each.
2. He Owns a $2.1 Million House in Venice, Los Angeles
In November 2013, The Los Angeles Times reported that Murphy bought a home in Venice, Los Angeles for $2.1 million. The home only has two bedrooms and is located just a few blocks from Snapchat’s headquarters.
Curbed Los Angeles reports that the home was likely one designed by architect Larry Scarpa and artist Randy West. It also has two and a half bathrooms, patios, balconies and a roof deck.
3. Murphy & Spiegel Are Now Each Worth More Than What Facebook Wanted to Pay for Snapchat
Back in 2013, Snapchat famously turned down an offer from Facebook to buy the company. According to the Wall Street Journal, Facebook valued Snapchat at $3 billion. Spiegel and Murphy are now each worth more than that after the IPO.
“There are very few people in the world who get to build a business like this,” Spigel told Forbes in 2014. “I think trading for some short-term gain is not very interesting.”
“We’re not just chasing growth,” Murphy told the Los Angeles Times in February 2017. “It’s engagement that leads to growth.”
4. Murphy’s Base Salary Before the IPO Was $250,000, Half of Spiegel’s
Although Murphy is credited as the co-founder of Snpachat, he was actually making half of what Spiegel was making before the IPO. Here’s what the IPO filing says about Murphy’s salary:
In October 2016, we entered into an amended and restated offer letter agreement with Robert Murphy, our co-founder and Chief Technology Officer with respect to his continuing employment with us. Mr. Murphy’s annual base salary as of December 31, 2016 was $250,000.
For Spiegel, the company’s CEO, his annual base salary was $500,000. As the filing reads:
In October 2016, we entered into an amended and restated offer letter agreement with Evan Spiegel, our co-founder and Chief Executive Officer, with respect to his continuing employment with us. The offer letter provides for an annual base salary of $500,000, which will be reduced to $1 on the effective date of the registration statement in connection with this offering, and an annual cash bonus of $1,000,000 based on achievement of performance criteria to be mutually agreed on by Mr. Spiegel and our board of directors, provided that, after our initial public offering, Mr. Spiegel will not be entitled to any bonus except as may be determined by our board of directors.
5. Murphy’s Parents Were California State Employees
While Spiegel’s parents are lawyers, Murphy comes from a much different upbringing. His parents – Richard Murphy and Rosie L. Go-Murphy – were California state employees. He was raised in Berkeley and attended high school at the private Saint Mary’s College High School.
Murphy’s mother grew up in the Philippines and emigrated to the U.S.
Unlike Spiegel, Murphy also did complete his degree at Stanford, graduating in 2010. He received a Bachelor of Science in Mathematical and Computational Science. On the other hand, Spiegel left Stanford in 2012 with just three classes to go before he could earn a degree, notes CNET.
“We were not cool,” Murphy told Forbes in 2014. “So we tried to build things to be cool.”