« Italian Bureaucracy Leaves Innovative Restaurateur Feeling "Psychologically Violated" | Main | Art Diamond Predicts a 40% Chance that Elon Musk Will Make It to Mars »


Independent Snapchat Entrepreneurs Turned Down Facebook's Three Billion Dollars



(p. A17) Snap Inc. provides a remarkable story, not only because it has accumulated so many users so rapidly but also because it has remained an independent company in the shadow of Facebook, which in 2012 acquired Instagram, also photo-centered, for $1 billion. A year later, noticing Snapchat's power to attract young users, Facebook offered Snap's founders $3 billion for the company, a figure that the book's publisher has rounded down for the title. Mr. Spiegel, the chief executive, said "no," and Snap's current market capitalization, around $23 billion, would seem to be sweet vindication. But Snap has yet to figure out how to convert its many users into net profits, and Instagram has shown no compunction about copying Snapchat features and has grown even faster.


. . .


In Mr. Spiegel's view, sharing snaps--of anything--was enjoyable because the images were ephemeral and didn't have to be composed for posterity. "It seems odd that at the beginning of the internet everyone decided everything should stick around forever," he said.



For the full review, see:

Randall Stross. "BOOKSHELF; A Startup in Focus; Snapchat was born when casual photos replaced text messages among Stanford students. It now boasts 187 million daily users." The Wall Street Journal (Monday, Feb. 12, 2018): A17.

(Note: ellipsis added.)

(Note: the online version of the review has the date Feb. 11, 2018, and has the title "BOOKSHELF; Review: A Startup in Focus; Snapchat was born when casual photos replaced text messages among Stanford students. It now boasts 187 million daily users.")


The book under review, is:

Gallagher, Billy. How to Turn Down a Billion Dollars: The Snapchat Story. New York: St. Martin's Press, 2018.






Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

HP3D5006CropSmall.jpg






Archives















The StatCounter number above reports the number of "page loads" since the counter was installed late on 2/26/08. Page loads are defined on the site as "The number of times your page has been visited."


View My Stats