Snap chief executive Evan Spiegel and his wife, the Australian model Miranda Kerr, have funded the erasure of more than $550 million (£417 million) in medical debt for over 261,000 people across California. The nonprofit Undue Medical Debt announced the gift on Thursday, 25 June.
The couple did not disclose how much they gave. The charity does not need a sum that matches the debt it clears, because it buys overdue bills in bulk from hospitals, physicians' groups, and collection agencies for a fraction of their face value. Undue Medical Debt says every $10 (£8) it spends wipes out about $1,000 (£760) owed.
