Spchat CEO’s net worth tanks $150 mn

Los Angeles, March 18: After singer Rihan blasted Spchat for running an ad that made light of domestic violence, the net worth of the company’s CEO fell nearly $150 million over two days, the media reported. Evan Spiegel, Cofounder and CEO, of Sp Inc., the parent company of Spchat, is now worth an estimated $3.8 billion, according to Forbes’ real-time rankings of the planet’s wealthiest people on Saturday. After the singer told users to delete the app, shares of Sp Inc. dropped nearly five per cent on Thursday and it fell another two per cent on Friday, before rebounding slightly for a total two-day loss of 4.7 per cent, according to the Forbes report. Rihan accused Spchat of making light of a 2009 incident when the singer’s then boyfriend Chris Brown physically assaulted her. She was referring to a Spchat ad that asked users if they would rather slap Rihan or punch Brown. (IANS)