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Snapchat not for sale – CEO Spiegel

Snapchat not for sale - CEO Spiegel
(FILES) In this file photo taken on June 17, 2022 Snapchat founder and CEO Evan Spiegel attends a session during the Viva Technology (Vivatech) show in Paris. - Snapchat's parent company confirmed Wednesday it is cutting 20 percent of staff, as the troubled messaging app attempts to dig itself out amid competition and revenue woes, as well as recent quarterly losses. A hit with young internet users in its early days, Snapchat has remained a small player in the social networking space as competition from other apps, such as TikTok, has grown ever more intense. "We must now face the consequences of our lower revenue growth and adapt to the market environment," Spiegel said in a note to employees on August 31, 2022, announcing the decision "to reduce the size of our team by approximately 20 percent." (Photo by Eric PIERMONT / AFP)

Chief Executive Officer of Snap Inc. Evan Spiegel owner of social media app, Snapchat said he’s not selling his company after a tumultuous year in which the stock has descended by 76%.

According to Bloomberg, Spiegel said this at Vox Media’s Code Conference on Wednesday, when asked about whether he would consider selling Snapchat.

The photo-sharing and messaging app owner said, “So far, Bobby and I believe that the best way to realize our potential is by building an independent company.”

Spiegel and Bobby Murphy, Snap’s co-founder and technology chief, hold more than 99.5% of voting rights in the decision of what happens to the company.

Snap is in the throes of a restructuring that includes a shift in its priorities. Last week, the company said it laid off 20% of its workers, cancelled or scaled back a number of buzzy projects, lost its chief business officer to Netflix Inc. and reorganized the advertising sales department.

The CEO’s goal is to narrow the focus of the business to expand its community, improve the ad business and develop its augmented reality offerings.

“When I look at the long-term opportunity for the business, I really believe it’s enormous,” he said. “We’re far from reaching our potential. We’ve really got to focus on executing.”

Spiegel specifically mentioned improving Snap’s direct-response advertising business, a key tool for marketers to reach customers with high purchasing intent. Marketers have spent less on the platform this year, dragging down revenue growth to the lowest levels since the company went public in 2017.

He’s also made it a priority for the company to look for opportunities to make money in areas like augmented reality. For example, Snap works with retailers to develop tools that let customers try on clothing virtually.

Eventually, Snap could expand that into an “AR enterprise business,” charging a startup fee and small transaction fees to merchants using the technology, Spiegel said.

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