Snapchat & CEO Evan Spiegel Drop $4 Million to Rent L.A. Live for NYE Bash

Snapchat CEO Evan Spiegel pulled the ultimate billionaire move -- shutting down an iconic portion of L.A. to throw his employees the most baller New Year's Eve company party at L.A Live.

According to documents obtained by TMZ ... Snapchat and its CEO are plunking down approximately $4million to rent out Microsoft Theater and virtually every venue facing Microsoft Square -- Katsuya, Lucky Strike, Tom's Urban, Conga Room and Wolfgang Puck Bar & Grill.

The planning's been months in the making -- the ice rink usually at Microsoft Square through the New Year was removed just last week. It was checked, and Snapchat secured proper permits to host as many as 5,000 guests who will be treated to a 105-foot DJ tower and pyrotechnics. There are also 2 full street closures to secure the area.

It was gathered that Spiegel is also planning to fly in Snapchat employees from around the world.

Snapchat wouldn't confirm Drake's act, but would only say, "We're excited to celebrate a transformative year as a team. Evan is personally sponsoring the night's performance."

And get this ... there's gonna be a surprise performance and It reported told it's Drake. Oh, snap!