Snapchat co-founder loses $2 billion for throwing shade at Facebook
Snap Inc. reported its earnings for the first quarter on this Wednesday afternoon. Its co-founders Evan Spiegel and Bobby Murphy both lost more than $1 billion.
However, they are not on streets no anything yet. But the loss is significant. Snap chat, the fugacious messaging service did this quarter, but it was not impressive. Moreover, it might have failed to impress the investors.
The app saw year on year growth slow to its slowest in the past two years (adding 5 percent 166 million users). It also missed its revenue forecasts of $158 million only coming shy of $150 million.
But what is interesting is that none of that stopped Spiegel from throwing shade at Facebook for Facebook copying various features from the Snapchat to its app and also in Instagram. Spiegel said:
If you want to be a creative company, you have got to be comfortable with and enjoy the fact that people copy your products if you make great stuff. Just because Yahoo! has a search box doesn’t mean they’re Google.
He also made note of the fact that Snapchat doesn’t resort to ‘growth hacking’ like some other apps as per Bloomberg. As The information points, There are good reasons for Snap to write this quarter as a Stumble on the journey to success – including the fact that user growth is seasonal.