Snap CEO Evan Spiegel Earned $638 Million in 2017
The compensation, the result of a nearly $637 million stock award after Snap's IPO, makes him one of the highest paid executives in the U.S.
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.