Omor Ibne Ehsan
5 min read
Quick Read
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Snap (SNAP) co-founder Bobby Murphy sold 4 million shares for about $20 million under a prearranged 10b5-1 plan, limiting the signal.
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Snap turned profitable with $56 million in net income, but North American daily users fell 6% to 92 million.
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Murphy has sold about 14 million shares worth roughly $76 million in 2026, dumping larger blocks as the price fell.
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Bobby Murphy, co-founder and chief technology officer of Snap (NYSE:SNAP), sold 2,000,000 Class A shares on Friday, November 6, 2026, at a weighted average price of $4.9915. He sold 2,000,000 more on Monday, November 9, at $5.0244.
The two sessions raised $20.03 million, per a Form 4 the SEC accepted at 9:00 p.m. ET on November 10. He also gave 1,195,937 shares to charity on November 9.
Every sale ran under a Rule 10b5-1 plan, a prearranged schedule that removes the insider from picking dates. He adopted it on November 11, 2025, and amended it on February 11, 2026.
Snap fell 14.02% on November 5 after third-quarter results and closed at $4.96 on November 6. It finished Wednesday, November 11, at $5.34 on 35.2 million shares, above both of Murphy’s average sale prices.
With shares down 33.83% year to date, a scheduled founder sale likely adds little to what the earnings report already showed.
After the transactions, he reports 33,390,514 Class A shares held directly and 9,963,581 through trusts and entities, for 43,354,095 in total.
The filing covers Class A stock only. His main stake and voting control sit in other share classes, so the sale says nothing about his control of the company.
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A Selling Calendar That Ignores Price
In 2026, he sold 2,000,000 shares in early February at $5.31, 4,000,000 in mid-May at $5.36, 343,945 in late May, and 4,000,000 in early August at $5.40.
