BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Regulatory Sanctions
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Meet Evan Spiegel – Snap CEO, Billionaire, 26 - Who Just Filed a $3Bn IPO
… we are not the sum of our published experiences.
For an entrepreneur who has built a social media empire on the idea that people like to share what's going on in their lives immediately and often, Evan Spiegel is obsessed with privacy. He doesn't give much away. He doesn't tweet or post on Instagram. In fact, the easiest way to find pictures of Spiegel online is to follow his fiancée, Australian model Miranda Kerr.
But the 26-year-old co-founder and CEO of Snap, the parent company of the social media platform Snapchat and the wearable tech company Spectacles, last night had to reveal a whole lot about corporate finances. Spiegel took the first step towards taking his start-up public.
Filing an "S-1" document is a big first step. It means letting people buy shares of stock in the company, and by doing so Snap is trying to raise $3 billion. When the company does go public, it is expected to be valued at around $25 billion.
That means Spiegel and his co-founder Bobby Murphy, who both own 20% of the company, could be worth $5 billion each.
The tech start-up's filing yesterday broke with convention in a couple of ways. It stated that the company may never be profitable. And Spiegel used the opportunity to take a pot shot at Mark Zuckerberg by saying Instagram's new "stories" feature was a rip-off of the Snapchat user experience.
Snap's irreverence in its public filing is in line with the way Spiegel has run Snap, as well as his own life. To begin with, the California company is in Venice Beach, not Silicon Valley.
"We love LA, our office is on the beach, and that's pretty nice," Spiegel said at a reCode conference in 2015. "Frankly, for us, it's nice to get a little space from everything going on there, so we can really focus on our business."
Spiegel, the son of two successful lawyers, grew up privileged in Los Angeles. In high school, he wrote out a budget to convince his parents that he deserved a monthly allowance of almost $2,000.
Spiegel dropped out of Stanford when he was just a few credits shy of graduating to work full-time on Snapchat. In 2014, a cache of leaked emails between Spiegel and his fraternity brothers when he was in college at Stanford revealed a brutish, offensive attitude towards women. He has since apologized.
In 2013, Facebook tried to buy Snapchat for $3 billion. Then only 23 years old, Spiegel refused the offer. The media response was incredulous. A college dropout shut the door in Zuckerberg's face? Why? According to a Forbes profile, Spiegel said, "There are very few people in the world who get to build a business like this. I think trading that for some short-term gain isn't very interesting."
Spiegel intended Snapchat to be the social media platform where users can live in the moment as their more authentic, unpolished selves.
"This traditional social media view of identity is actually quite radical: You are the sum of your published experience. Otherwise known as: Pics or it didn't happen. Or, in the case of Instagram, beautiful pics or it didn't happen AND you're not cool," Spiegel said in a speech he delivered to the AXS Partner Summit conference in 2014.
"Snapchat says that we are not the sum of everything we have said or done or experienced or published. We are the result," he said. "We are who we are today, right now.
"We no longer have to capture the 'real world' and recreate it online. We simply live and communicate at the same time."
His idea has resonated. Snapchat sees 161 million daily active globally, with 60 million of those in the United States and Canada. Those users spend between 25 and 30 minutes a day on the platform.