Despite Snap’s continued struggles, CEO Evan Spiegel is sitting pretty. Last year, the company’s cofounder received nearly $638 million in total compensation, according to a new security filing.
By big tech standards, Spiegel’s salary in 2017 was a modest $98,078. But, thanks to Snap’s public offering last year, the young mogul received more than $636 million in stock awards, and nearly $1.2 million in other compensation.
By comparison, Snap’s Chief Strategy Officer Imran Khan earned a measly $100 million or so, last year.
Perhaps in need of some pocket change, Spiegel recently sold more than $50 million in Snap stock.
Yet despite adding more users than expected during the fourth quarter of 2017, Snap’s fortunes are as uncertain as ever. Earlier this week, Citigroup analyst Mark May downgraded Snap’s stock in light of criticism over its recent redesign.
Making matters worse, reality TV heiress Kylie Jenner knocked Snapchat on Twitter.
“Sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad,” Jenner tweeted, this week.
Led by a host of celebs from Jenner to Chrissy Teigen, and their millions of social-media followers, Snap has been facing a growing rebellion over its redesign. A petition on Change.org to “Remove the new Snapchat update” has already surpassed 1.2 million signatures.
Some analysts have suggested that the redesign was never a great idea.
“It runs counter to why Snapchat was appealing to its younger demographic in the first place,” Forrester analyst Jessica Liu recently told Digital News Daily. “I worry it will alienate that existing user base because they’re now trying to cater to the masses (and Wall Street).”