Snap Inc.’s co-founders got richer by billions of dollars in just a few hours, after the company reported better-than-expected results as the coronavirus pandemic boosted usage of its app.

Shares soared as much as 25% to US$35.57 ($48.27) in late New York trading after the owner of the popular Snapchat mobile app said sales jumped 52% to US$678.7 million in the third quarter, with 249 million daily active users. The gains lifted the fortunes of Snap’s co-founders, Evan Spiegel and Bobby Murphy, by US$1.3 billion and US$1.4 billion, respectively, taking them to US$6.9 billion and US$7.2 billion, according to the Bloomberg Billionaires Index.

Wealth accumulation in the tech world has been eye-popping this year as the shift of everything from work, shopping, schooling and entertainment online in the Covid-19 economy has boosted demand for digital services. Zoom Video Communication Inc.’s Eric Yuan added US$6.6 billion to his net worth in just one day last month, and Inc.’s Jeff Bezos, the world’s richest person, saw his fortune swell by US$75 billion in 2020 to US$190 billion.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook