- Three Snap execs have made multimillion-dollar home purchases in the last year.
- The purchases come amid a breakout year for Snap, which has seen been luring users and advertisers.
- Snap reported $911 million in revenue last quarter, an increase of 62% year-over-year.
- See more stories on Insider’s business page.
A high-ranking Snap employee has purchased an $18 million Beverly Hills home, making him the third Snap exec to make a major house purchase in the last year.
Jared Grusd, who was hired as Snap’s chief strategy officer in 2018 and now serves as a strategic adviser at the company, purchased the Southern California mansion in November 2020, according to Dirt’s James McClain.
The roughly 10,000-square-foot home lies within a gated community in the mountains between Beverly Hills and Studio City and was previously owned by Jennifer Messer, the daughter of Skechers founder Robert Greenberg, Dirt reports.
Reports of Grusd’s purchase follows another multimillion-dollar home purchase by a Snap executive: Dirt’s Mae Hamilton reported last month that Jeremi Gorman, Snap’s chief business officer, paid $15.8 million for a mansion in Hermosa Beach, California, just south of Snap’s headquarters in Venice, California. The hilltop home boasts ocean views and backs up to a property owned by TV host Jimmy Kimmel, Yahoo reports.
And in January, The New York Post’s Mary K. Jacob revealed that Snap cofounder and CEO Evan Spiegel dropped $30 million on a mansion in Paris. The 10,000-square-foot house, located near the Seine river in Paris, includes six bedrooms, five bathrooms, a swimming pool, courtyard, garden, library, music room, wine cellar, private dressing rooms, and space for nurses, maids, or chefs, according to the Post.
Spiegel and Kerr reportedly paid $30,358,000 when they purchased the property last May.
-New York Post (@nypost) January 21, 2021
Those three major home purchases follow a breakout year for Snap in which shares of the company’s stock have risen roughly 34%. Snap’s stock recently hit a 52-week high of $68.70 following its investor day – Peter Sellis, Snap’s senior director of ad products, said that the company is “in a position to drive multiple years of 50% plus revenue growth,” according to CNBC.
As Insider’s Tanya Dua, Lara O’Reilly, and Dan Whateley reported earlier this month, Snap has been steadily winning back users and advertisers, due in part to the Facebook ad boycott last summer. Gorman told Insider that it was a “tipping point” for Snapchat, the disappearing photo and video app Snap owns – the company was able to convince both new and existing advertisers to spend on Snapchat instead of other social media platforms.
Snap also had its biggest quarter as a publicly traded company last month: The company reported $911 million in revenue for the final three months of the year, an increase of 62% since the same quarter a year prior.