Indeed, Spiegel has been touring agencies in New York and Los Angeles, courting media companies like iHeartMedia to join the company’s Discover news network and looking to entice brands to try its new advertising program.ĭespite Snapchat’s astounding valuation and rapid success, Spiegel is not shy from admitting his own inexperience. “I’ve been working,” Spiegel told Bloomberg. The CEO has been known to rarely take such extensive interviews let alone provide a statement. At the helm of the four-year-old company, which is valued at $15 billion and is home to 330 employees, is a precocious 24-year-old named Evan Spiegel.īloomberg’s Brad Stone sat down with Spiegel for a 90-minute interview at Snapchat’s headquarters in Venice, California. Spiegel, in May, warned of dire times to come, saying in a memo that macroeconomic challenges were leading to a growth slowdown at Snapchat, noting there has been a significant cutback in digital ad spending owing to the toxic combination of rising interest rates, sky-high inflation, supply-chain challenges, and the war in Ukraine.Snapchat has captured the attention of over 100 million active users and is increasingly popular as a platform for media companies, major advertising agencies and celebrities. It has also shut down its Web3 team in the past month, along with several projects including a social mapping app an app that would have allowed people to write songs collaboratively and a drone selfie camera. Snap has announced plans to lay off roughly 20% of its staff and reportedly plans to give up its San Francisco offices. This comes as user growth is stagnating, but hasn’t quite come to a halt. The company recently posted a $360 million quarterly net loss and has been having trouble attracting advertisers. While the losses are on paper and both founders are still billionaires, the sharp drop underscores Snapchat’s troubled position in the social media space these days. 21, 2021, and currently is worth about $2.3 billion.Ĭofounder and CTO Bobby Murphy saw his worth fall 81% to $1.9 billion, per Bloomberg. Evan Spiegel, who is also CEO of the company, has seen his net worth fall 83% in the past year, as of Friday, according to Bloomberg.
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