I WON’T SELL, SAYS SNAPCHAT TYCOON WHO’S LOST £340m

THE tycoon behind photo app Snapchat is refusing to sell his shares – despite a fall knocking £340m off his fortune.

Stocks in Snapchat’s parent company, Snap Inc, continued to tumble yesterday after it missed almost all analyst targets in its second market update since going public in March.

It floated at $17 a share and rose higher, but has been hurt by rivalry with Facebook-owned Instagram.

Shares in Snap fell to record lows of $11.46 on Thursday, wiping millions off the stake of founders chief executive Evan Spiegel ( pictured right with his wife MirandaKerr) and Bobby Murphy.

A lock- in period preventing them from selling their stock ended last month but they are backing the stock.

Spiegel said: ‘We believe deeply in the long-term success of Snap.’ Daily active users increased by about 4pc to 173m but this missed forecasts.

Spiegel insisted it was making progress on monetising the app, however, with more revenue coming from advertising.