Bobby Murphy
/SOURCE OF WEALTH: Snapchat
FUNDING AREAS: Education & Youth, Arts, Health & Human Services, TBD
OVERVIEW: Bobby Murphy and Snapchat co-founder Evan Spiegel announced the creation of the Snap Foundation, set to benefit youth, education and nonprofit arts programs.
BACKGROUND: Raised in Berkeley, California, Bobby Murphy graduated with a B.S. from Stanford University. He co-founded Snapchat with his fraternity brother Evan Spiegel in 2011. Murphy serves as Snap's CTO.
ISSUES:
SNAP FOUNDATION: Murphy and Snapchat co-founder Evan Spiegel 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, it could mean hundreds of millions of dollars for the initiative when the company goes public. The donations are set to benefit youth, education and nonprofit arts programs.
Snap is not 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.
LOOKING FORWARD: Murphy has kept a pretty low profile since Snapchat launched. Only in his 30s, the young billionaire is likely to increase his philanthropy in coming years.
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