Despite Financial Woes, Snap Inc. Will Stay Independent And Not Seek To Be Acquired, CEO Evan Spiegel Vows
deadline.comBarely a week after announcing massive layoffs and initiating a significant restructuring of the company, Snap Inc. CEO Evan Spiegel said the social media firm is committed to staying independent and resisting any takeover offers.“When I look at the long-term opportunity in our business, I really believe it’s enormous.
I believe we’re far from reaching our full potential,” the co-founder of Snapchat’s parent company said during a 30-minute appearance at the Code Conference in LA. “Over time, the stock price has gone up and down, but we’ve tried to stay focused on delivering real value for shareholders.
Since our IPO [in 2017], I think we’ve grown revenue 10x. … We’ve doubled the size of the community. We believe those things are really important.”Snap announced the elimination of 20% of its workforce last week, along with a range of drastic cost-cutting measures.
After a poor quarterly financial report, the company’s shares plunged over the summer, extending a slump in 2022 that has slashed two-thirds of its valuation.
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