Michael Lynton’s Snapchat Holdings Drop More Than $14 Million in Value

Michael Lynton, chairman of Snapchat’s parent company, saw the value of his stock holdings in the company decline by more than $13 million Thursday after Snap disappointed investors with its first financial report as a public company.

Lynton — an early investor in the company who was named Snap chairman in September 2016 — owns 2.96 million shares of Snap through various affiliated entities and trusts. Those were worth $68 million as of the closing price Wednesday, before Snap’s stock dropped more than 20% after it posted a mammoth $2.2 billion loss and missed revenue projections for Q1. As of 2 p.m. ET, Snap shares were trading at $18.20, making Lynton’s holdings worth $53.9 million.

At the peak of Snap’s price to date ($29.44 per share), Lynton’s shares were worth $87 million.

Lynton stepped down as head of Sony Pictures Entertainment earlier this year, citing his interest in focusing on Snap. Separately Thursday, Sony announced the appointment of Tony Vinciquerra as chairman and CEO of Sony Pictures Entertainment.

However, Lynton’s stock losses on paper were dwarfed by the hit taken by Snap’s two co-founders, CEO Evan Spiegel and CTO Bobby Murphy, whose holdings have dropped in value by more than $1.1 billion and $970 million, respectively. Part of Snap’s $2.2 billion net loss in Q1 included a $750 million stock award to Spiegel.

Lynton, in addition to serving as Snap’s chairman, is on the board’s compensation committee and its nominating and corporate governance committee. He has served on the Snap board since April 2013.

More Digital


    Dax Shepard, Bobby Bones, 'Breakfast Club' Among iHeartRadio Podcast Awards Winners

    iHeartRadio launched its first ever Podcast Awards on Friday (January 18) in Los Angeles. Among the winners in 22 categories were “Whine Down with Jana Kramer” (Best Entertainment TV Podcast); “Armchair Expert with Dax Shepard (Breakout Podcast); “Bobbycast” (Music Podcast); and “The Breakfast Club” (Best Multicultural Podcast). The winners were determined by iHeartRadio listeners. Taking the top prize of Podcast [...]

  • Velvet Buzzsaw trailer

    Netflix Original Movies: What to Look Forward To in 2019

    Following the biggest fourth-quarter worldwide subscriber gain ever and some controversy around increased prices in the U.S., Netflix looks to keep its momentum going into 2019. From Jan. 18 through March, the streaming site will release 10 original films, including action-packed thrillers, a post-apocalyptic sci-fi, quirky comedies, inspirational dramas, an artistic horror movie and a viral [...]

  • The Beatles Eight Days a Week

    Imagine's Documentary Arm Sets First-Look Pact With Apple (EXCLUSIVE)

    Brian Grazer and Ron Howard’s Imagine Documentaries has set a first-look pact with Apple to develop non-fiction features and series. The deal comes as Imagine is investing heavily in the premium non-fiction arena. The company in June recruited RadicalMedia veteran Justin Wilkes to head Imagine Documentaries as president. The deal suggests that Apple sees docu [...]

  • Walt Disney HQ LA

    Disney Unveils Financial Data for DTC Unit, Sets April 11 for Investor Presentation

    Disney has rejiggered its business segments for earnings reporting to make room for the new unit housing its global streaming operations. Disney on Friday released restated earnings for fiscal 2018, 2017 and 2016 to give investors and financial analysts better visibility into its spending on the launch of the Disney Plus, ESPN Plus and other [...]

  • Facebook Logo

    Release of Docs to Reveal How Facebook Made Money Off Children

    Documents related to a 2012 lawsuit against Facebook in which children, sometimes unwittingly, spent their parents’ money on games via the social site will be unsealed, according to a Monday ruling from the United States District Court. The court gave Facebook ten days to file unredacted documents in accordance with the ruling. The 2012 lawsuit [...]

  • Facebook Logo

    Facebook Sets Up New Product Group for AR Glasses (Report)

    Facebook has restructured its augmented and virtual reality research division and set up a new group tasked with building augmented reality (AR) glasses, according to a new Business Insider report. Facebook acknowledged the move in a statement given to the publication, saying that the move affected “a few hundred people.” The group has already built [...]

More From Our Brands

Access exclusive content