The CEO didn’t want to go to jail someday, which is smart.

Source: http://www.crazydaysandnights.net

Easy Come Easy Go – Mr. Hedge

This foreign born A-list model must be horrified by her CEO husband’s plunging stock price today.

The company burned through over $1.50 in cash for every $1 in sales. The CEO didn’t want to go to jail someday, which is smart.

The downside of that meant that he was only allowed to sell a very small percentage of his stock in the company, since its fortunes began to collapse.

Before long, the rest of his stock will be virtually worthless, and he will be far away from the billionaire club.

There is only about a year and a half worth of cash left at his company.

Evan Spiegel – Snapchat

Wife: Miranda Kerr

Snapchat Co-Founder Evan Spiegel Lost a Staggering $700 Million This Morning

It’s been a rough morning for Snap Inc.—the maker of the Snapchat social media app—and perhaps an even worse morning for Evan Spiegel, the company’s 27-year-old co-founder and CEO.

After the company delivered what’s widely regarded as a dreadful first-quarter earnings report on Tuesday night, shares of Snap plummeted over 20% when the stock market opened on Wednesday. Snap stock was selling for $14.13 at Tuesday’s close, but opened on Wednesday at just $11.30. It was the company’s lowest opening ever, according to CNBC, thanks to an unsuccessful Snapchat redesign and sharply declining ad revenues, among other factors.

The net worth of Evan Spiegel, whose fortune is tied directly to Snap’s stock price, tanked as well. As of Tuesday night, Spiegel’s net worth was $3.2 billion, good enough to make him the 776th richest person in the world, according to Forbes’ real-time rankings of the world’s billionaires.

By around 10 a.m. ET on Wednesday, however, Evan Spiegel’s net worth was down to $2.5 billion. So he theoretically lost about one-fifth of his wealth, at least on paper, in a matter of hours. If his net worth declines much more, Spiegel would be pushed out of the top 1,000 richest people in the world. (Forbes had him at #989 at last check.) – Source