Snapchat CEO Erases Half a Billion Dollars of Medical Debt For 261,000 People
- 1 day ago
- 2 min read
Evan Speigel, along with his wife, Australian model Miranda Kerr, have just announced that they will relieve $550 million in medical debt for an estimated 261,000 Californians.
The billionaire couple, who primarily reside in Los Angeles, have partnered with nonprofit Undue Medical Debt to provide relief to families struggling with medical debt and rising healthcare costs. Undue Medical Debt is a nonprofit that buys debt “in bulk,” meaning that for every $10 donated to the organization, $1,000 of medical debt is relieved for families in need. In total, the organization has relieved over $40 billion across America.
It’s a remarkably simple process, as everyone lucky enough to be offered debt relief doesn’t have to do anything. The gift reaches people directly through qualifying debt acquired and canceled by Undue Medical Debt. According to the organization, California families benefiting from this relief can expect envelopes to start arriving in the mail in mid-July.
“One of the reasons we wanted to share this directly is because if you happen to receive a letter in the mail saying your medical debt has been forgiven, we want you to know it’s real,” Kerr said. “At a time when so many Californians are already struggling with rising costs, medical debt can make it even harder for families to regain their footing. We’re grateful to support Undue Medical Debt’s work to help lift that burden, and we hope this relief gives families more peace of mind and more room to prioritize their health, their loved ones, and their future.”
Undue Medical Debt president and CEO Allison Sesso said: “The scale of this gift to Californians is truly astonishing, unburdening over a quarter million families of over half a billion dollars of un-payable medical debt.”
Snapchat has 956 million monthly active users worldwide, with 483 million people using the app daily.
