Snapchat president sells shares worth $ 50 million .. Find out why

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A deposit file revealed the sale of CEO Evan Spiegel Snap The owner of the Snapchat app sold shares worth $ 50 million, as he sold 2780,670 shares at approximately $ 18 each, as Spiegel owns 5.8% From Snap, which makes him the third largest shareholder, and his current net worth is $ 3.9 billion, according to Forbes.

This is not the first time that Spiegel sold a similar portion of shares, in February 2018 he sold 50 shares worth $ 1 million, marking his first sale since the company’s first public offering.

At the end of 2019, he sold shares of nearly $ 22 million, and Spiegel advised the young founders at the Goldman Sachs Investors Conference in 2019 not to announce their companies ’subscription.

According to the British “Business Insider” website, the company is restored Snap Some of its losses in 2019 after the 2018 disaster, when the company launched a redesign of Snapchat, which caused the shares to decline by 7%.

The company’s results in the second quarter of 2019 showed that user growth has rebounded again since the redesign, exceeding Wall Street expectations, with stocks rising 12%.

The company’s future is still uncertain, and research conducted by the company has shown eMarketer That in the past year, Snap Inc. has fallen back, and it has occupied a firm Pinterest Its position, becoming the third largest social network in the United States.

It is worth noting that Snapchat decided to open a new office in India that focuses on users there, which indicates that Snapchat has finally decided to focus on India, one of the largest internet markets in the world. From the beginning Snapchat made many bad decisions that led to stagnation of growth During the past few years

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