- Snap CEO Evan Spiegel was the highest-paid U.S. CEO in 2017, according to a new index.
- Much of his income came from a huge stock grant that vested when Snap went public in the spring of 2017.
- Snap has yet to turn a profit. It lost $720 million last year.
Snap had its IPO in 2017 and Spiegel was richly rewarded for it. According to SEC filings, he collected $1.2 million in salary and other compensation, but the big money came from a large stock grant -- about 37 million shares of Snap vested on the IPO date. Snap opened at $11.14 per share on Thursday.
His closest compensation competitors in the tech industry are Tesla CEO Elon Musk, who made $150 million in 2017, and Google CEO Sundar Pichai, who made $144 million according to the index.
Snap has yet to turn a profit. It lost $720 million last year, and concerns about slowing user growth have dogged the company for the past year.