That's because they are keeping most of their shares: http://www.cnbc.com/2017/03/02/snap-ipo-what-evan-spiegel-bobby-murphy-will-make.html http://www.cnbc.com

That's because they are keeping most of their shares: http://www.cnbc.com/2017/03/02/snap-ipo-what-evan-spiegel-bobby-murphy-will-make.html http://www.cnbc.com/2017/03/02/snap-ipo-what-evan-spiegel-bo... > According to Snap's latest S-1 filing with the SEC from Feb. 27, Spiegel and Murphy plan to sell 16 million shares each on Thursday. The company opened at $24, after it priced its public offering at $17 a share. It's just a small fraction of the number of shares the co-founders own in Snap Inc. Both men will still have 97,164,485 after Thursday's sale.