Snapchat CEO Evan Spiegel Throws $4M Party For Employees

Evan Spiegel, who is the CEO of Snapchat's parent company Snap Inc., reportedly spent $4 million on a New Year's Eve party for his employees. The lavish party was supposed to have secured rapper Drake for a surprise performance for the event that was expected to be held at L.A. Live, an entertainment complex in Los Angeles that boasts several restaurants and venues onsite.

The 27-year-old billionaire is said to have paid for the party out of pocket to rent out Microsoft Theater and practically every venue facing Microsoft Square, according to documents obtained by TMZ. Spiegel acquired the necessary permits to host nearly 5,000 guests months ahead of Dec. 31.

"We're excited to celebrate a transformative year as a team," a Snap Inc. spokesperson said in a statement to TMZ. "Evan is personally sponsoring the night's performance."

The event required two full street closures. Guests were expected to be treated to a 105-foot DJ tower and pyrotechnics. The venues that were reportedly rented out in the vicinity of the party included Conga Room, Katsuya, Lucky Strike, Tom's Urban and Wolfgang Puck Bar & Grill.

The spokesperson didn't confirm or deny that Drake would be in attendance, however. There also is no indication of Drake making an appearance at the seemingly massive party on his social media profiles.

The Snap Inc. CEO isn't the only boss to throw his employees a huge celebratory event. Yahoo CEO Marissa Mayer threw a roaring 20s-themed holiday party in 2015, which was held at Pier 48 in San Francisco, that reportedly cost the company millions. Google also hosts multiple holiday parties worldwide annually to accommodate thousands of its employees.

Spiegel's net worth comes out to be $3.2 billion, according to Forbes. He became the youngest public company CEO when Snap Inc. began trading March 2017. As of May 2017, the entrepreneur is married to Australian model Miranda Kerr.