Snap Inc. has revealed that its Chief Executive, Evan Spiegel, received a $637.8mn payout during the company’s IPO at the end of last year, on top of his salary of $98,000 and over $1mn in other benefits.
The RSU stands as the third highest CEO payout in history, only trailing the compensations paid to Daniel Och, CEO of hedge fund Och-Ziff Capital Management Group, who received a $918.9mn payout in 2017 and $1.19bn payout in 2008.
This also makes Spiegel the best paid CEO in the US ahead of the likes of Apple’s Tim Cook and Google’s Sundar Pichai, with the payout coming despite Snap’s $720mn recorded loss in 2017.
This is expected to change throughout 2018 with the company having gone public last year. However, its releases since gaining outside equity, including the launch of its Snap Spectacles and the redesigning of the platform have both been considered huge failures and have been extremely unpopular with consumers.
The firm’s shares fell 8% after the losses were announced.