$505 million. No one else came close to that. According to Bloomberg, he negotiated a bonus of 3% the value of Snap if he could take it public. It was a stock grant, which he sold $50 million worth of in February, and $25 million in March.
Also, only four women cracked the top 100 of Bloomberg's index.
My feeling is that if a CEO starts a company from scratch, puts all his net worth on the line, and works tremendous hours for years to make it happen then he or she deserves every penny. A CEO of an existing, stable company? Not so much. It sounds like Spiegel's situation was the former, so more power to him.
I was going to say something along this line. While 505 mil might sound a bit exorbitant to be fair chance are without his ideas, support, backing etc it wouldn't even be a company. Also if that is only 3% of the company value then I would imagine the other investors are beyond thrilled!
I would concur that say the guy or girl that comes in and gets hired to take over a big existing company should probably get significantly less then they currently do but many would argue that's the cost of having/acquiring a CEO.
People will use the same lines for star athletes but truth is their pay is such a small percentage of the wealth they help accumulate for their owners and leagues.. I've never been too upset about someone doing really well or getting obscene wealth from their careers.
It's what they do with it that I would prefer to hear about and then I'll make my decision if it's wasted or not.
Once upon a time I saw a study from a well-known pollster (when polls were respected more than they are now). This would probably have been around 15 years ago. It said the approval rating of company founders who invent things and hire people is 87%. It's the Great American Dream. However, financial CEOs polled at around 16%. How they get their wealth is mysterious, probably in part by trickery and exploitation of other people's money.
I guess my bigger question is about extreme and sudden wealth. I’m interested in how he adjusts to that new normal—it is such a radical change that can impact every aspect of life (or so I’ve heard-ha). We probably won’t hear about that process, though...
I've seen statistics that between 30-70% of lottery winners end up bankrupt and according to this 78% of NFL players are bankrupt or in financial difficulty within 2 years of retirement and 60% of NBA players within 5 years of retirement. But I would think someone with the work ethic and discipline to build a company from scratch is better able to deal with it than the typical person I see buying cigarettes and Lotto tickets at the mini mart.