Evan Spiegel has never been the loudest billionaire in the room. Sometime this spring, the Snap co-founder and his wife, supermodel and KORA Organics CEO Miranda Kerr, quietly made a multimillion-dollar donation to a nonprofit called Undue Medical Debt. The Los Angeles Times reported that in doing so, set in motion the erasure of $550 million in unpaid medical bills for more than 261,000 Californians.
The move places Spiegel alongside MacKenzie Scott as one of the most significant individual donors to the medical debt relief movement—a fast-growing philanthropic trend that has found a peculiar but powerful arbitrage at the intersection of distressed debt markets and American healthcare dysfunction.
Starting in mid-July,…