Snap CEO Evan Spiegel sold $50 million in Snap stock.
It’s his first stock sale since Snap’s IPO.
Snap CEO Evan Spiegel sold 2,675,600 shares of Snap last week at a price of $18.71 per share, a transaction netting him just over $50 million.
The transaction was disclosed in a filing with the SEC, which you can read here.
It’s Spiegel’s first official public stock sale since Snap’s IPO last March. He previously promised not to sell any of his stock during 2017.
The sale was conducted according to a pre-arranged sales plan, and was only 1% of his holdings. He still retains control of the company and its primary product, Snapchat, as does his co-founder Bobby Murphy.
Spiegel’s fortune is worth roughly $4.5 billion.
Earlier this week, he defended Snapchat’s recent controversial redesign at a conference in San Francisco.
“We’d been thinking about the redesign for a really long time because we were frustrated that when you looked at the [app], both sides looked the same,” Spiegel said. “We’re excited about what we’re seeing so far. Even the complaints we’re seeing reinforce the philosophy. The frustrations we’re seeing really validate those changes.”
SEE ALSO: Evan Spiegel doubles down on new Snapchat redesign, says complaints only ‘validate’ changes
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Nikolas Cruz, the 19-year-old who confessed to killing 17 people at a Florida high school this week, was part of a private group chat in which he and five other people frequently shared racist comments, memes, and videos, CNN reported. Cruz often discussed his hatred for minorities, including Mexicans, black people, Jews, gays, and immigrants. In the days since the massacre, students, teachers, and neighbors have described Cruz as an isolated individual with violent tendencies.
THE BLOCKCHAIN IN THE IoT REPORT: How distributed ledgers enhance the IoT through better visibility and create trust
This is a preview of a research report from BI Intelligence, Business Insider’s premium research service. To learn more about BI Intelligence, click here.
Blockchain isn’t just for bankers anymore. Most of the buzz around the distributed ledger has focused on its uses in finance, where it originated. But one of the most promising blockchain trends is its growing disruptive presence in the Internet of Things (IoT).
Companies are pioneering innovative new solutions that use blockchain for tasks like tracking goods as they move and change hands in the supply chain, monitoring the location and condition of assets like industrial machinery at remote work sites, or storing medical data, and they are transforming the IoT
In a new report from BI Intelligence, we analyze the developing role of blockchain in the IoT ecosystem. First, we look at how blockchain works, both generally and as part of an IoT solution. We then identify the areas most suited to use blockchain as part of larger IoT projects, specifically looking into the supply chain, asset tracking and monitoring, and health care. Finally, we discuss the challenges companies looking into blockchain solutions for IoT programs will face, and explore what the future holds for blockchain in the IoT.
Here are some of the key takeaways:
Blockchain is emerging as a key tool with numerous applications throughout the IoT. Companies are developing innovative solutions that use blockchain to cut costs and improve services.
While solutions address a number of potential pain points in the IoT, several challenges exist that could hold back widespread adoption. These issues include blockchain’s complexity, companies’ loss of control, regulation, and hardware requirements.
Blockchain is poised to provide a new, powerful tool for companies developing and implementing IoT solutions, offering increased versatility, security, and efficiency.
In full, the report:
Explains how firms are already exploring ways to make use …read more
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