NET WORTH: $3.5 billion
SOURCE OF WEALTH: Snapchat
FUNDING AREAS: Education & Youth, Arts, Health & Human Services, TBD
OVERVIEW: Evan Spiegel and Snapchat co-founder Bobby Murphy announced the creation of the Snap Foundation, set to benefit youth, education and nonprofit arts programs. Spiegel is a member of the Berggruen Institute's 21st Century Council.
BACKGROUND: Born in Pacific Palisades in 1990, Spiegel completed design classes at the Otis College of Art and Design, and at the Art Center College of Design. He attended Stanford University and in 2011 cofounded Snapchat with Murphy, his fraternity brother. Snapchat allows users to send photos and messages that disappear after a few seconds. Spiegel became the youngest public company CEO when Snap began trading in March 2017.
SNAP FOUNDATION: Spiegel and Murphy announced the creation of the Snap Foundation and reportedly plan to donate 13 million Class A shares of Snapchat stock to the foundation over the next 15 to 20 years. With its last private valuation at some $25 billion, the donation could mean hundreds of millions of dollars for the initiative when the company goes public. The donations are set to benefit primarily youth, education and nonprofit arts programs.
Snap isn't new to philanthropy. It teamed up with (RED) to raise money for AIDS research and made a name for itself through charitable giving and community service in Venice, California, where the company is headquartered.
OTHER: Spiegel is a member of the Berggruen Institute's 21st Century Council, which describes itself as a "forum for dialogue on global governance."
LOOKING FORWARD: Not even thirty years old, Evan Spiegel's giving is just kicking off. It's possible that he and his wife Miranda Kerr will sign the Giving Pledge. Either way, giving by Snapchat's founders should be watched carefully in the coming years.