Economic activity

Snap CEO Evan Spiegel pays off student loans for Los Angeles grad class

Los Angeles, Calif., Sunday, May 15, 2022 Snapchat co-founder Evan Spiegel receives an honorary doctorate, along with his wife Miranda Kerr, at the Otis College of Art and Design commencement ceremonies where graduate students learned that Spiegel had paid their tuition, making the students debt-free. Speigel, left, and Kerr bow to the students after their gift announcement. (Robert Gauthier/Los Angeles Times via Getty Images)

Los Angeles, Calif., Sunday, May 15, 2022 Snapchat co-founder Evan Spiegel receives an honorary doctorate, along with his wife Miranda Kerr, at the Otis College of Art and Design commencement ceremonies where graduate students learned that Spiegel had paid their tuition, making the students debt-free. Speigel, left, and Kerr bow to the students after their gift announcement. (Robert Gauthier/Los Angeles Times via Getty Images)

Snap Inc. CEO Evan Spiegel and his wife Miranda Kerr are pay everything student loans for the class of 2022 at the Otis College of Art and Design in Los Angeles.

Spiegel and Kerr both attended the graduation ceremony and received honorary degrees.

Spiegel, who once enrolled in Otis’ summer school before attending Stanford, said the experience was life-changing. Today, Spiegel and Kerr are supporting new grads with the biggest gift in school history. A spokesperson for Otis declined to specify an amount, but confirmed it was over $10 million.