Snapchat founders lose $1 billion each after shares fall 25%
Snapchat Co-founders Evan Spiegel and Bobby Murphy lost over $1 billion each after the company's shares fell 25% after reporting its first ever earnings on Wednesday. Spiegel and Murphy each had a net worth of more than $5 billion, which tumbled down to  $3.8 billion after the earnings were announced. Snapchat's earnings and user growth failed to match analysts' estimates.