Snap Inc. (SNAP) investors aren’t the only ones feeling the pain after two disastrous quarters in a row as a public company. Sharing the pain are its two co-founders, Evan Spiegel and Bobby Murphy.

With shares of the maker of Snapchat, the disappearing-message app, trading below the initial public offering price of $17 a share, the fortunes of the two executives have declined in kind. They are still the only 20-something billionaires to be the owners of a public company, but according to TheStreet.com, combined the two have lost more than one third of their fortune since going public in March. During the week after its second-quarter earnings report, in which it failed to meet Wall Street expectations, the pair saw $300 million disappear from each of their net worths. The stock has recovered somewhat, but it’s  still trading below the IPO price, leaving them with a lot less than the days leading up to its public debut. (See also: Some Wall Streeters See Value in Snap Inc. Shares.)

Holding On

According to Forbes, on the day of Snap’s IPO, Spiegel and Murphy made $2.8 billion propelling their fortunes to around $5.4 billion. Their stakes were valued at $4 billion each ahead of the IPO, reported Forbes. Both executives have a 18% stake in the social media company. Since then, the app maker has struggled to lure advertising dollars, posting disappointing results. For the three months ended in June, the company reported a net loss of $443 million, or $0.36 cents a share, which is worse than the $0.30 a share loss Wall Street was projecting. Revenue increased $181.6 million in the second quarter but was was lower than the $186.2 million analysts had expected. Also weighing on the share price is the expiration of the lock-up period for employees who were granted shares. (See more: Snap Turned Down a $30B Offer From Google: Report.)

Because of the second quarter, Spiegel and Murphy pledged to hold on to their shares. "Given the amount of speculation around the lock-up expiration, I feel it is important to note that Bobby and I will not sell any of our shares this year," Spiegel said on a conference call to discuss Q2 earnings with Wall Street, according to Reuters. "We believe deeply in the long-term success of Snap." Still, not everyone at the company is following suit. Andrew Vollero, the company’s chief financial officer, sold 195,100 shares, while Imran Khan, chief strategy officer, unloaded 150,000, and Timothy Sehn, senior vice president of engineering, sold 745,000 shares earlier in August. The executives got a prices of $11.29 to $13.14 a share, a far cry from the $17 IPO price.  

 

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