Beyond filters: How one millennial entrepreneur is changing the rules of the game
In a practical attempt to measure the magnitude of Snapchat’s expansion over the span of just six years, Fortune ran an article outlining founder Evan Spiegel’s net worth by weighing it against an impressive bunch of the wealthiest, most influential personalities of our times.
And it is fair to say that Spiegel, a 26-year-old millennial worth nearly $5.7 billion, fared (much) better than both legendary designer Ralph Lauren ($5.4 billion), business magnate and celebrated founder of Virgin Group Richard Branson ($5.1 billion), newly elected President of the United States Donald Trump ($3.9 billion), iconic media personality Oprah Winfrey ($3 billion) and Apple CEO Tim Cook who hardly compares to Snapchat’s founder with a net worth of just $785 million.
Fortune cites another media tycoon, 93-year-old Sumner Redstone, who heads two of the biggest media companies in the world: CBS and Viacom. “And he’s worth nearly $2.5 billion less than Evan Spiegel, the 26-year-old who founded Snapchat six years ago,” the article reads, in a striking demonstration of how big the app has gotten in such a short amount of time.
Beside a market value of $33 billion, Snap Inc., through mainstreaming expiring content, has started a full-fledged social media trend that only keeps getting bigger with time. Disappearing content has in fact been cited by many social media experts as one of the biggest trends marketers should watch out for this year and it is no wonder that Snapchat’s mechanism has been cloned by some of the biggest names in the business including Instagram with Instagram Stories and more recently WhatsApp with its controversial Status feature.
All in all, Spiegel stands as probably the richest representative of what can be rightfully classified as the most undermined generation today. Well, maybe millennials are not so miserable after all.