×

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.

Popular on Variety

More Digital

  • Neilsons Measurment Problems TV Digital

    AT&T's Ad-Tech Unit Xandr Buys Clypd To Help Place TV Commercials More Precisely

    Xandr, the AT&T ad-technology unit, has purchased a new company that helps advertisers use data to place commercials in front of the audiences most likely to want to watch them The AT&T division said Friday it had acquired clypd, a company that helps advertisers move forward in a growing desire by Madison Avenue to run [...]

  • AT&T Logo Building

    AT&T TV Now Price Hike Coming Next Month, Base Package to Cost $65

    AT&T is instituting a substantial price hike for its live TV streaming service AT&T TV Now: Customers who have subscribed to the service’s basic “Plus” package will see their bill go up by $15, to a total of $65 per month, starting next month. The telco has started to inform existing subscribers about the price [...]

  • Disney-Family-Movies

    Disney Family Movies SVOD Service Is Shutting Down Ahead of Disney Plus Debut

    After 11 years, Disney is pulling the plug on Disney Family Movies On Demand — with the service’s shutdown coming just days before the launch of the Mouse House’s Disney Plus. Disney Family Movies, which cost between $5-$10 per month, has been available via pay-TV providers in the U.S., including Comcast Xfinity, Charter Communications, Verizon [...]

  • Amazon Orders ‘All or Nothing: Tottenham

    Amazon Orders ‘All or Nothing: Tottenham Hotspur’ Soccer Doc Series

    Amazon has greenlit a new “All or Nothing” sports documentary series, this time following London-based soccer team Tottenham Hotspur. “All or Nothing: Tottenham Hotspur” will follow a year in the life of the team, charting the ongoing 2019-20 season. The squad made it to the final of the European Champions League last year, losing to [...]

  • Jeffrey Katzenberg

    Jeffrey Katzenberg's Quibi Picks T-Mobile as Wireless Launch Partner

    Quibi, the short-form mobile TV service founded by Jeffrey Katzenberg, announced a pact with T-Mobile to be the official telecommunications partner for its April 2020 launch. T-Mobile will be the exclusive wireless distributor when Quibi launches next spring. However, the arrangement doesn’t mean only T-Mobile customers will be able to subscribe to Quibi: Anyone will [...]

  • Steve Kornacki

    Steve Kornacki, Chris Matthews Stand at Center of New NBC News Podcasts

    After vowing to press ahead more directly into the world of podcasts, NBC News is readying the launch of three additional audio shows centered around politics. “Article II: Inside Impeachment” will help listeners understand the impeachment process. The program, new episodes of which are slated to debut Mondays, Wednesdays and Fridays as people head for [...]

More From Our Brands

Access exclusive content