According to a Business Insider report, a new regulatory filing unearthed by VCExperts, which measures data on private companies, shows that Snapchat will only raise $54 million, a steep drop from the rumored $200 million round. But the biggest nosedive is the ephemeral trendsetter's valuation. The filing says investors value Snapchat at $2 billion—not the $3 billion, or $3.5 billion, or $4 billion previously reported.
When you can afford something like this, why not turn down $3 billion? Ha ha, joking, that's still baffling. At least Bobby Murphy, the other, 25-year-old, slightly less Machiavellian guy behind Snapchat, can ponder his business moves in a new, $2.1 million, ultra-modern Venice Beach fortress. [via Curbed]
And more importantly, he probably deserves some money. In deposition video obtained by Business Insider, Snapchat's co-creator and CEO Evan Spiegel discusses Reggie Brown, who helped create the app back in their Stanford days and was abruptly kicked out and left with nothing. But in Spiegel's own words, Brown was part of the multi-billion dollar sensation—and still won't get a cut.
The Brogrammer is a mostly mythological figure, a nine-headed scapegoat. But there are, of course, programmers who also happen to be massive bros. For instance, the dudes who founded mega-valuable Snapchat. When you call yourself a "certified bro" in an email to the opposite sex, then yes, you probably are. Let's read their emails and texts.
A source familiar with Snapchat's recent round of funding said that the teen sensation's two twenty-something cofounders, Evan Spiegel and Bobby Murphy, each received $10 million in secondary funding as individual shareholders. According to the source, that combined $20 million was on top of the $60 million Series B the company raised at an $800 million pre-money valuation.