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> He also took a $500mm bonus for successfully executing the IPO at a time when the company lost over $700mm in 2017. So part of that $700mm loss was his bonus
by ReverseCold 8y ago
> He also took a $500mm bonus for successfully executing the IPO at a time when the company lost over $700mm in 2017.
So part of that $700mm loss was his bonus? Meaning if he hadn't taken a bonus the loss would "only" be $200mm?
- DSingularity 8y agoNo, wrong way to interpret that. He just received a massive bonus in $ value. It was massive because it was lots of Snapchat stock back when it was expensive. Although it’s quite normal to sell such stock award as soon as they vest, in this case it looks bad.
- askafriend 8y agoI was a little off on the numbers. Snap posted a $2.2B loss in Q1 of 2017, it's first quarter as a public company. A lot of that was one-time stock payout to various employees, including a massive bonus to Spiegel which was 3% of Snap worth roughly ~$550mm at the time. If you take out all the one time stock compensation from that quarter, the loss comes out to $188mm. Here's a Recode article with some sources: https://www.recode.net/2017/5/10/15617740/snapchat-two-billion-loss-evan-spiegel-stock-compensation-q1-wall-street https://www.recode.net/2017/5/10/15617740/snapchat-two-billi... The $700mm loss figure I initially stated for 2017 is likely the loss figure with the one-time stock expenses deducted: https://investor.snap.com/news-releases/2018/02-06-2018-211639653 https://investor.snap.com/news-releases/2018/02-06-2018-2116... This stock award made Evan Spiegel the highest paid CEO in America in 2017, that's the kicker.
- ReverseCold 8y agoAh okay, that makes a bit more sense. Thanks!