In addition to his stock based wealth, Spiegel earned $503,205 in salary in 2016, which research firm Equilar said makes for the biggest salary of any CEO of a privately held company prior to its public market debut in the past six years.
According to the Venice, California-based Snap, most of its users are in the 18-34 years age bracket. Including unexercised stock options and other convertibles for a total of 1.39 billion fully diluted shares, Snap would have a fully diluted value of around United States dollars 23.6 billion, an unnamed source told Bloomberg.
On Wednesday, Snap raised $3.4bn in its initial public offering, which was 12 times over-subscribed.
The massive valuation for an app that allows teenagers to plant virtual bunny ears on each other's heads reflects Facebook's declining popularity with younger web users - but the world's biggest social network is fighting back.
Soon after Thursday's opening bell rang at the New York Stock Exchange, the stock began trading at more than $24 a share - almost 50 percent higher than its IPO price, CNBC reported.
Why Comparable Sales Are Dragging Kroger Down
Following the completion of the transaction, the insider is left with a stake of 240,433 shares, amounting $7645769.4. Kroger operates 2,796 retail food stores under a variety of local banners in 35 states and the District of Columbia.
He wrote that the "upside in [SNAP] shares is limited" by several factors, including "already slowing growth in daily active users" and "fierce competition from larger rivals such as Facebook" and two Facebook divisions, Instagram and WhatsApp. The app added 36 million daily active users in the first half of past year - but just 15 million in the second half, says Sky.
The feature, which was previously unique to Snapchat, plays photos and videos shared by users in a loop for 24 hours before they disappear.
Hemant Taneja, an early investor in Snapchat and managing director at General Catalyst, said he was excited about Snapchat early on because of the "richness of innovation".
26-year old Mr Spiegel is no stranger to the limelight.
"A pertinent point in the company's S1 filing for the IPO is that it doesn't call itself a messaging service, but a camera company". Twitter is now valued at $11 billion, while Facebook is $395 billion.