The gift will be "life changing" for many of the graduates, Charles Hirschhorn, the president of Otis College, said in a statement. "I felt pushed and challenged to grow surrounded by super talented artists and designers, and we were all in it together." "It changed my life and made me feel at home,” Spiegel reportedly told graduates. “It is a privilege for our family to give back and support the Class of 2022, and we hope this gift will empower graduates to pursue their passions, contribute to the world, and inspire humanity for years to come.”īefore enrolling at Stanford University, Spiegel attended classes at Otis as a high school student, which he credits with pushing him to become who he is today. “Otis College of Art and Design is an extraordinary institution that encourages young creatives to find their artistic voices and thrive in a variety of industries and careers,” Spiegel and Kerr-who received honorary degrees from the institution- said in a statement. While the amount of Spiegel and Kerr's donation was not disclosed, the college said it's the largest single gift it has ever received, surpassing the previous $10 million record. Snapchat did not immediately respond to a request for comment.The 285 graduates of the Otis College of Art and Design in Los Angeles received an extra special graduation gift Sunday when Evan Spiegel, Snap CEO and co-founder, and his wife Miranda Kerr, founder of beauty brand KORA Organics, announced they will pay off all of the Class of 2022's student loan debt through a donation to the school. The news outlet's sources said Snapchat is currently seeking a chief financial officer. It's possible that Khan could play a crucial role at Snapchat if the company decides to go public.Īccording to the Journal, the addition of Khan, who now joins former Facebook executive Emily White, who serves as Snapchat's chief operating officer, is just the beginning. Khan has a long history of working with Internet companies and advised several prominent firms, including China's Twitter-like Weibo and Amazon-like Alibaba, on their initial public offerings. In addition, those experienced executives can help the company start generating significant revenue off its growth. The company is now in need of longtime business veterans that can help 24-year-old Spiegel run an increasingly complex operation. In August, after receiving an undisclosed investment from venture capitalist Kleiner Perkins, Snapchat's valuation was pegged at $10 billion.īut with growth comes increasing challenges for Snapchat.
That growth, combined with the more than 100 million monthly active users, has helped Snapchat's value soar over the last three years.
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