Snap CEO Evan Spiegel Says He Won’t Sell Any Shares for One Year

The 27-year-old exec reiterates his confidence in Snap as its shares slide after tepid second quarter earnings

Snapchat IPO
Snapchat did an IPO in 2017.

With shares of Snapchat parent company Snap Inc. sinking to new lows following its lackluster second quarter earnings report, CEO Evan Spiegel made it clear he’s not jumping ship just yet.

“Bobby and I will not be selling any of our shares this year,” said Spiegel on its earnings call, referring to Snap Chief Tech Officer Bobby Murphy. Spiegel went on to say the two execs “believe deeply in the long-term success of Snap.”

It’s a message Snap’s battered investors desperately wanted to hear. Shares of Snap dropped more than 13 percent to new all-time lows of about $11.75 in after hours trading on Thursday.

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