SNAPCHAT FOUNDER LOSES £600M AS SHARES PLUMMET

SNAPCHAT’S boss saw almost £600m wiped off his fortune after shares in the social media app plunged 25pc.

Chief executive Evan Spiegel, who co-founded the firm with software engineer Bobby Murphy in 2011 and is married to Australian model Miranda Kerr (pictured with her husband), saw the value of his 3.1pc stake tumble to £1.7bn from £2.3bn.

Murphy, who owns 6.3pc of the group, saw his own stake slashed by £1.1bn to £3.5bn.

The share price plunge came as Spiegel warned privacy rules rolled out by Apple in June, which stop advertisers tracking iPhone users without their consent, made it ‘more difficult’ for the company to assess how ad campaigns were performing on its app.

As a result of the setbacks, the company posted revenue for its third quarter of £773m, up 57pc year-on-year but lower than the £797m predicted by market analysts.