It’s go time for 26 year old Evan Spiegel and the team at Snap Inc, the company we all love as Snapchat.
Spiegel and his cohorts have managed to keep a lot of things close to the vest since the app was first introduced. In 2014 the company turned down a whopping $3 billion dollar offer to get acquired by social media giant Facebook. With their investors blessing, Spiegel and co-founder Bobby Murphy were going to go it alone, and eventually go public.
Today they filed the paperwork to do just that. And at that time they both became billionaires on paper. Spiegel and Murphy each hold 22% of the company. Their “alleged” third co-founder Reggie Brown received $158 million dollars as a settlement to a lawsuit he brought in 2013. This IPO is about Murphy and Spiegel.
The interwebs has kicked into overdrive with the news here are 10 stories worth checking out real quick.
Speaking of secrecy, in the early days it was really hard to track down Spiegel and even Snapchat for that matter. Business Insider tells the story of how their first investor Jeremy Liew of Lightspeed Venture Partners, got their attention. Spoiler, President Obama was involved. That story is here.
Speaking of ridiculous amounts of money, read here how Wall Street Analyst Imran Khan made the trade of a lifetime, $145 million dollars, to join shap.
Snapchat has the millennials, Gen Y and Gen Z on lockdown but how do you teach your mother how to Snap? Business Insider reveals how the folks at Snapchat teach their older investors, just what they do.
Spiegel and Murphy are hoping for big big things as is the rest of the world. Or are they? Re/Code suggests that the Snapchat IPO is looking a little more like Twitter than Facebook.
You can always count on Gizmodo to have the shitty side of the story
The SnapChat IPO is the largest for any Los Angeles based company. Check out that story at the LA Times
Here’s that story on Reggie Brown and his huge settlement from Snapchat.
Instagram has hit hard with Stories, Snapchat growth slowed, but how much? TechCrunch has that story here.
Just who’s getting rich with the Snapchat IPO, here’s the list
And finally, what’s Mark Zuckerberg going to do about it all?