How Evan Spiegel Became One Of The Youngest Billionaires On The Planet
It seems like it’s been a while since Snap or Snapchat or whatever it’s called these days has been making the headlines. Not so long ago, the app was the hottest thing on the market. Maybe it’s still and is not on my radar. A person who has greatly benefited from the popularity of Snap is its founder Evan Spiegel.
A lot of hard work and sacrifice is required to be successful in a startup. Along the way, Spiegel also managed to become a billionaire, fall in love and marry a model, have two children, and buy a $ 12 million, 7164 square foot house that previously belonged to Han Solo himself, Harrison Ford. He has $ 2.5 billion in reasons to smile, and he’s not even 30 years old yet. Yes indeed, it must be good to be Evan Spiegel.
Spiegel turns 30 on June 4e. He is originally from Los Angeles. Both of his parents are lawyers. He grew up on the chic Pacific Palisades and attended the Crossroads School for Arts and Sciences in Santa Monica. Crossroads is a private school popular with the entertainment industry. Other alumni of the school include Zooey Deschanel, Jonah Hill, Jack Black, Michael Bay, Gwyneth Paltrow, Maya Rudolph and a trio of former reality stars – Whitney Port, Spencer Pratt and Stephanie Pratt. During high school, Spiegel took design courses at the Otis College of Art and Design. The summer before he left for college, he took classes at Pasadena’s Art Center College of Design and completed an unpaid internship in Red Bull’s sales department.
After his K-12 experience at Crossroads, Spiegel headed north to Palo Alto and Stanford. He joined the Kappa Sigma fraternity. He did a paid internship in a biomedical company and at Intuit. He also spent some time in Cape Town, South Africa, as a career instructor. Spiegel studied product design at Stanford. In April 2011, he proposed an application with the disappearance of messaging in one of his product design classes. His classmates ridiculed him and his idea, but Spiegel was determined to make it happen. He worked with his Stanford classmates Bobby Murphy and Reggie Brown to launch Picaboo, which they later renamed Snapchat. The following year, Spiegel left Stanford and returned to Los Angeles to work on Snapchat. At the end of 2012, Snapchat had one million active users per day.
In 2014, Spiegel was a billionaire. He was 25 years old. Snapchat renamed Snap and went public in March 2017, making Spiegel a multi-billionaire. At one point, his net worth exceeded $ 5 billion. And then the stock price fell. In July, stocks fell 30% and reduced Spiegel’s net worth by several billion. And then the past came back to haunt him.
Reggie Brown came up with the idea of a sexting app in the summer of 2011 and shared it with his friend Evan Spiegel. They quickly realized that the idea was going to be very, very important. They brought their friend Bobby Murphy to code the app. Everything was fine. The friends were excited. And then Brown over Spiegel and Murphy plotting to cut him off from their business. But Brown had ammunition. He was in possession of Snapchat’s patent documents. And he was not going to deliver them without a fight. Spiegel and Murphy had to pay Brown to leave. And it didn’t come cheap, as Brown sued Snapchat for his part of the company. Snap Inc. has reached an agreement with Brown for $ 158 million.
On a personal level, Spiegel and Australian model Miranda Kerr started dating in 2015. They got engaged in July 2016 and married in a private ceremony in Los Angeles on May 27, 2017. Their first child together, Hart Kerr Spiegel, named after Evan, was born on May 7, 2018. Their second son, Myles Spiegel, was born in October 2019. Kerr also has a son with his ex-Orlando Bloom, born in 2011.
Being a billionaire, husband and father was not enough for Spiegel. He still had one thing to do: finish his studies. In July 2018, he revealed that he had returned to complete his degree requirements at Stanford and had officially graduated. Why did he do it? It’s not like he needs his degree at this point. His son Hart (he only had one at the time) was his motivation to finish his studies. He wanted to finish his studies in order to inspire his son to also obtain his university degree.