Snapchat CEO Evan Spiegel, whose teen smartphone sensation was recently valued at $10 billion, spoke at Vanity Fair's New Establishment Summit yesterday. The 24-year-old wore a $220 sweatshirt from Acne Studios that said "You First." He cooly deflected his frat boy rep. He brushed off the haters. It was a chill sitch.
Evan Spiegel, the boyish cofounder and CEO of Snapchat, is dying to be taken seriously. He rejected Mark Zuckerberg, opines like Steve Jobs, and hobnobs with media titans. But Spiegel's undergrad emails—when he began his path to Snapchat—show a different Evan. Did Steve Jobs ever joke about peeing on girls?
The level of interest app-makers can command for adding new features is usually limited to a dutiful parroting of the press release on tech blogs. Maybe a mass privacy freakout, if you're lucky. (Sucks, but at least you know they care!) The bros at Snapchat, however, have lived a pretty blessed life.
I understand why Town & Country shoehorned three techies into their "Sexiest Bachelors 2014" list. If coders are the new bankers, and bankers were the new imperial vassal lords (or something), it fits. To a regressive glossy, powerful parvenues are the best bachelors—but try not picking the creepiest in Startupland.
The $3 billion boy, Evan Spiegel, had a very good New Year's Eve. He allegedly partied at a lavish L.A. company fete with Taylor Swift and coworkers, looking back on a meteoric 2013. His millions of users, however, had their phone numbers stolen—and so far, he doesn't think he owes anyone an apology.
On Christmas Eve, Gibson Security published information on how to exploit loopholes in Snapchat's security that "allow mass matching of phone numbers with names and mass creation of bogus accounts," reports ZDNet. Gibson published the codes because they were "sick of" Snapchat ignoring their warning since August.
After all that jazz, Snapchat confirmed to TechCrunch that it only raised $50 million for its Series C round from a little known hedge fund called Coatue Management. Although Evan Spiegel says the cofounders didn't cash out this time around, Dan Primack has a theory that secondaries might have been sold separately.
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.