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By John Shinal, CNBC

In early March, Snap CEO Evan Spiegel received a hefty stock bonus worth about $750 million on completion of the company's initial public offering.

But on Wednesday, a poor reception for Snap's first earnings report wiped out more than that amount of his stake in the company.

Evan Spiegel and Bobby Murphy, founders of Snapchat.Emilio Flores | Corbis | Getty Images

Snap fell short of Wall Street expectations for revenue and user growth in the first quarter, sending its shares down roughly 23 percent — hovering just above their IPO price of $17.

Related: After Monster IPO, Snap Fails to Impress

If that same price drop is sustained in regular trading Thursday, it will cost Spiegel more than $1.3 billion in the space of less than 24 hours. Spiegel's co-founder Bobby Murphy will take a haircut of $1.1 billion.

At the time of the IPO, both men owned 210.97 million shares, including 97.16 million of Class A shares, 5.86 million of Class B and 107.94 million of Class C. Spiegel was granted an additional 37.4 million shares upon conclusion of the IPO.

Given the size of their stakes, any $5 drop in Snap's stock price will slash the value of their holdings by over $1 billion.

Related: Snapchat's Tech Bro Billionaires

However, even if the shares drop to $17, their holdings will be worth more than $3.5 billion each.

Not bad for what began as a college project.