Snap Inc. Chief Executive Evan Spiegel is set to earn $637.8 million in compensation for his work at the company in 2017, according to a Thursday filing with the Securities and Exchange Commission. Snap stock is down 7.4% to $17.27 in early afternoon trading. Though Snap has recognized the cost of the stock grants which make up $636.6 million of the CEO compensation, Siegel hasn’t received all the grants yet. Snap will dole out the rest of the grants on a quarterly basis over the next three years. Snap stock has gained 19% in the past six months and now trades slightly above its $17 initial public offering price. The S&P 500 index gained 10% in the past six months.
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