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Snapchat’s CEO Drops 4 Million On New Year’s Eve Party For Employees

Snapchat’s CEO Drops 4 Million On New Year’s Eve Party For Employees

By Ryan Velez

A holiday party at work could be a nice way to unwind with co-workers or an awkward affair that you would rather skip, but show up at anyway to keep up appearances. Bossip reports that if you work at Snapchat, your holiday party may be a little different, as CEO Evan Spiegel spared no expense at putting things together for his employees.

TMZ has reported that Snapchat and its CEO Evan Spiegel dropped some serious cash in order to rent out the Microsoft Theater, and every venue facing Microsoft Square including Katsuya, Lucky Strike, Tom’s Urban, Conga Room and Wolfgang Puck Bar & Grill for New Year’s Eve. This was a total of $4 million spent on one evening.

Note that Spiegel also made sure that everyone who played an important role at the company had a chance to share the fun, paying to fly Snapchat employees from all around the world to attend the Los Angeles festivities and it has been reported that Snapchat secured proper permits to host as many as 5,000 guests. Capping off the festivities were a rumored special performance by Drake.

Though Snapchat wouldn’t confirm Drake being a part of the event, they did say, “We’re excited to celebrate a transformative year as a team. Evan is personally sponsoring the night’s performance.” While this is a great thing to do for your employees, it’s important to note that $4 million isn’t a huge financial hit for Spiegel. At only 27 years old, he has a net worth of $3.7 billion. A big piece of this wealth comes from the Snapchat IPO, which underperformed at first but seems to be making decent money now as the app still finds plenty of common use. He recently made #248 of the list of Forbes’ wealthiest Americans, sharing the spot with Donald Trump.

With this said, many CEOs with far more money don’t go to such lengths to show a good time to their employees, so hopefully, everyone had a good time to ring in the new year at Snapchat. One will wonder if other young business successes feel the need to try and put together their own businesses to succeed.

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