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

  • Ryan Chanantry - Topic SVOD

    First Look Media's Topic Plans to Launch Subscription VOD Service (EXCLUSIVE)

    Can Topic execute a solid pivot into premium video? The digital storytelling outlet of Pierre Omidyar’s First Look Media thinks it can put together a niche Netflix-style subscription-video service curated to appeal to young “culture cravers.” Topic plans to launch the subscription VOD service in the fourth quarter of 2019, stocked with hundreds of hours [...]

  • Dan Ahdoot

    This New Podcast Lets You Take a Peek Into Celebrities' Fridges (EXCLUSIVE)

    Comedian Dan Ahdoot wants to show you a side of celebrities you haven’t seen before — which is why he is having them open up their fridges. Anyone appearing on Ahdoot’s new podcast “Green Eggs & Dan,” which was launched by the podcast network Podglomerate Wednesday, has to bring along a photo of the inside [...]

  • Spotify-Disney

    Spotify Pacts With Disney to Launch Hub With Music From Movies, TV Shows

    Fans of Disney movies and TV shows can now dive into a dedicated music hub on Spotify, featuring seven playlist sections with top hits from Disney animated favorites and music from Pixar, Marvel and Star Wars films. Disney’s No. 1 most-streamed song on Spotify is “Let It Go” from the “Frozen” soundtrack, followed by “Moana”’s [...]

  • La Linea Invisible

    Mariano Barroso Shoots Basque Conflict Origins Story ‘La Linea Invisible’

    IRUN, Spain  — When- and why – do people begin to kill for a cause? Having created “What the Future Holds,” maybe the best reviewed to date of any Movistar + Original Series, Spain’s Mariano Barroso (“The Wolves of Washington”) tackles this question head on in “La Línea Invisible,” a six-part series, again from Movistar [...]

  • The Lion King

    ‘The Lion King’ Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the always-on TV ad measurement and attribution company iSpot.tv, Walt Disney Pictures claims the top spot in spending with “The Lion King.” Ads placed for the remake had an estimated media value of $5.64 million through Sunday for 1,290 national ad airings on [...]

  • Apple Plans to Fund Podcast Exclusives:

    Apple Reportedly Plans to Fund Original Podcasts

    Apple has plans to open its checkbooks for podcasts that would be exclusive to its podcasting apps, Bloomberg reported Tuesday. The investments would help the company defend its market leadership in an increasingly crowded field, and fend off competitors like Spotify, Pandora and Luminary. News of the plans sent Spotify’s stock down more than 3%; [...]

  • LiveXLive Names AOL and MTV Vet

    LiveXLive Names AOL and MTV Vet Dermot McCormack President

    Live entertainment digital media company LiveXLive Media today announced that AOL and MTV veteran Dermot McCormack has been named president of the company. According to the announcement, McCormack will lead the business and creative operations of LiveXLive, effective immediately. McCormack previously served as AOL’s Global President of Video and Studios, where he oversaw the video [...]

More From Our Brands

Access exclusive content