Snap cofounders Evan Spiegel and Bobby Murphy plan to each sell up to $256 million in stock when their company goes public in March, according to documents filed with the Securities and Exchange Commission on Thursday.
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Snap's 2 cofounders will sell up to $512 million in stock when their company goes public in March (SNAP)
Snap Inc. cofounders Evan Spiegel and Bobby Murphy plan to each sell up to $256 million in stock when their company goes public in March.
Evan Spiegel and Bobby Murphy
The Snapchat maker is seeking to price its initial public offering at $14 to $16 per share and will float a total of 200 million Class A shares. The offering could value Snap at as much as $22 billion.
Spiegel and Murphy are Snap's largest shareholders — combined, they will control 89% of voting rights after the company goes public. They each plan to initially sell 16 million Class A shares on the public market, which come without voting rights.
When Snap goes public, Spiegel will also receive a CEO award of 3% of the company's stock, which is valued at up to $588 million. Spiegel's base salary will be reduced to $1 when Snap's IPO is registered, and his yearly bonus will be based on the company achieving the performance criteria agreed upon by the board.
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Aside from Spiegel and Murphy, here are the other biggest Snap stakeholders who plan to sell shares when the company goes public:
Additional reporting by Portia Crowe.
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