Snapchat CEO Evan Spiegel was paid millions last year — his security detail alone costs a small fortune
AP
Snap Inc. CEO and cofounder Evan Spiegel had a big haul in 2016.
Snap made its IPO filing public on Thursday, revealing that it generates over $400 million in annual sales and has an average of 158 million people using its namesake app on a daily basis.
It also revealed some information on executive compensation.
The 26-year-old chief executive earned a $503,205 salary, according to the Securities and Exchange Commission filing, plus a $1 million bonus.
His total salary for the year, $2.4 million, includes the $890,399 that the company pays for a security detail.
Spiegel's base salary will be reduced to $1 when Snap's IPO is registered, and his bonus will be based on the company achieving the performance criteria agreed upon by the board. By taking a $1 salary, Spiegel is following in the footsteps of other tech company founders like Google's Larry Page and Facebook's Mark Zuckerberg.
Spiegel holds 21.8% of Snap's class A shares, 2% of its class B shares, and 50% of its class C shares.
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