Snapchat Co-Founders Create Snap Foundation to Support Nonprofits
SnapChat and its co-founders, Evan Spiegel and Bobby Murphy, have pledged to donate up to 13 million shares of Class A common stock over the next 15 years to 20 years to a foundation to support arts, education and youth, the company revealed in its S-1 filing Thursday afternoon.
That amounts to about 1.2 percent of all shares outstanding, which could be worth more than $300 million if the company is valued at $25 billion (its last reported private valuation) when it goes public—a lot more over time if the stock goes up.
The Snap Foundation was established in February 2017, according to the filing. With this move, the co-founders are following in the footsteps of other technology leaders using their cash to help others.