What Is Snapchat Co-founder Bobby Murphy’s Net Worth?

What is Bobby Murphy's net worth?

American entrepreneur Bobby Murphy is known for co-founding Snapchat with Evan Spiegel. He currently holds a 14% stake in the company. His net worth, which reached a high of $10 billion during Snapchat's peak stock price, has significantly dropped to approximately $1.5 billion. This sharp decline was a result of Snapchat's share price plummeting from $83 to around $10. Murphy currently holds the role of Chief Technology Officer (CTO) at Snapchat, overseeing the company's engineering and product development.

What are Bobby Murphy's sources of income? 

Murphy and Evan Spiegel first crossed paths during their undergraduate years at Stanford University, where they were both Kappa Sigma fraternity brothers. With Reggie Brown, the third co-founder, they embarked on a project known as Picaboo in the summer of 2011, which laid the groundwork for what would become Snapchat. However, Reggie Brown later parted ways with the company and subsequently filed a lawsuit against his co-founders and Snapchat, asserting that the idea for the app was originally his. In September 2014, Snapchat agreed to a settlement of $158 million with Reggie Brown.

In 2013, Evan Spiegel and Murphy turned down a substantial $3 billion acquisition offer from Mark Zuckerberg. Instead, they opted to make the company public. On March 2, 2017, Snap Inc. made its debut on the New York Stock Exchange. While the company was initially projected to go public at $17 per share, it opened at $24, concluding the day with a market capitalization of $20 billion. On the day of the IPO, both Spiegel and Murphy each sold 16 million shares, resulting in a substantial pre-tax windfall of $272 million.

Highs & lows

As of today, Murphy holds approximately 200 million shares of Snapchat. He was just 26 years old on the day of Snapchat's IPO, making him one of the youngest billionaires globally. His net worth continued to grow, reaching $4.2 billion by June 2020. By December 2020, it had surged to $9 billion. Unfortunately, by July 2022, his net worth had significantly declined, resting at $1.5 billion.

Real estate and other assets

Snapchat co-founder Murphy and his wife Kelsey Bateman are the mystery buyers of a $14.5 million teardown house on Manhattan Beach's coveted oceanfront Strand. This off-market deal was the city's second-highest sale in 2020, trailing only a $17.8 million transaction in November.

Murphy has been actively investing in real estate, amassing a notable portfolio of at least nine multimillion-dollar properties in coastal Los Angeles communities totaling over $60 million. Murphy's plans for the Manhattan Beach property are still undisclosed, but the current structure could yield substantial rental income. Some of Murphy's other properties include a $30 million estate in Pacific Palisades, a $6 million modernist estate elsewhere in the Palisades, a $5 million residence in California, tucked behind the trendy Abbott Kinney shopping lane, a $2.3 million bungalow in inland Venice, a $2.1 million contemporary condo near Venice Beach, and a $2.1 million house in Santa Monica.

Personal life 

Having initially met during their time at Stanford University, Murphy and his wife maintained a long-lasting relationship. The couple has successfully led a private life, staying away from the media's spotlight.

FAQs 

What is the net worth of Snapchat?

Snap Inc. has a net worth of $17.65 billion as of November 3, 2023.

Why is Bobby Murphy famous?

Bobby Murphy co-founded Snapchat, the social media app popular with American teens.

How has Evan Spiegel's net worth been affected by the pandemic?

Evan Spiegel's net worth benefited from the pandemic as increased Snapchat usage during lockdowns boosted Snap Inc.'s stock price and, in turn, his net worth.

What was Snap’s highest market cap recorded?

In 2021, Snap's market cap reached $75.7 billion, its highest ever recorded.

How does Snap’s market cap compare to its competitors?

Snap's market cap is higher than Anaplan, a similar company, which has a market cap of $9.59 billion.

What is Evan Spiegel's net worth?

Evan Spiegel's net worth is $2.9 billion as of March 2024.