Snap Inc. founders Bobby Murphy and Evan Spiegel each made $272 million by selling shares in their company's initial public offering. And they each made more than $1 billion in paper gains as shares soared on the first day of trading. Snap shares closed Thursday at $24.48, up from $17 when shares priced late Wednesday, a gain of 44%. Along with his Snap holdings going into this week's offering, the Snap chief executive was granted about 37 million additional shares when the public offering closed. Those shares are now worth about $911 million.

Source: Los Angeles Times March 02, 2017 19:14 UTC