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Snap CEO Evan Spiegel is now one of the highest paid executives in the U.S.
The 27-year-old entrepreneur made nearly $638 million in 2017, according to documents filed on Thursday morning, thanks to a sizable stock award following the company’s initial public offering.
Spiegel was awarded 3 percent of total outstanding shares at the time of the IPO, paid out over three years. In 2017, that payment amounted to nearly $637 million.
Spiegel also received $1.08 million in other compensation that came in the form of such company perks as a vacation payout, legal fees and security. His base salary was cut at the time of the IPO to just $1.
Spiegel’s hefty payday comes after a volatile year for Snap stock. Shares have regularly traded below Snap’s $17 IPO price since last summer, rising this February after the company reported its first strong earnings since its public debut.
Imran Khan, Snap’s chief strategy officer, was the second-highest paid executive at the company in 2017, earning nearly $101 million, made up of a $442 million salary and $100 million stock award. General counsel Michael O’Sullivan earned a total of $16.7 million.
On Feb. 6, Snap reported $286 million in fourth-quarter revenue and losses of 28 cents per share. It added 8.9 million daily active users during the period, bringing its total base to 187 million.
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