Snap's stock price is now hovering around its lowest point ever since the company went public last year. Yet, its whiz-kid founder, Evan Spiegel, was 2017's highest-paid CEO, taking home $US504 ($670) million. And according to a new report, Spiegel is almost single-handedly responsible for Snapchat's biggest mistake.
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Snapchat has long positioned itself as the place for advertisers to reach millennials while its closest competitor, Facebook, is stuck with the olds. But on Thursday, Snap executives got a lesson in the terrifying, fickle nature of its young influencers, to the tune of a $US1.3 ($2) billion loss.
Hell hath no fury like a litany of teens crapping on an app redesign. And it seems that's exactly what happened with Snapchat's latest update, prompting over a million users to take some mild action in protest of the changes. But CEO Evan Spiegel is spinning this fury, somehow, as a sign of success.
Snapchat, the photo-sharing app the olds can't seem to figure out, is getting a facelift this week in a do-or-die attempt to win over new users. Snap, the social app's parent company, said this redesign was coming earlier this month. And today we get see their vision of an "easier to use" Snapchat.
This is kind of a sad story. In November, Snap Inc blew everybody's mind by releasing a surprisingly interesting piece of hardware. The camera-equipped sunglasses called Spectacles worked with Snapchat and looked cool. But a year later, the company reportedly has "hundreds of thousands" of unsold Spectacles sitting in warehouses in China. It's unclear if any of them will ever see the light of day.
It seems like it was ages ago that Google Glass was the future that nobody wanted. The wearable tech had at least one bad design flaw -- it seemed to get its early adopters punched in the face because people didn't like the camera being pointed at them. Now, Snapchat thinks people are finally ready for glasses-mounted personal recording.