Snap founders won’t sell shares despite plummeting price


Snap has an awful Q2 earnings report…but at least its dancing AR hot dog was viewed 1.5 billion times. To prove their confidence, co-founders Evan Spiegel and Bobby Murphy have agreed not to sell any shares this year, and the company will withhold shares they’re owed to pay for any necessary taxes.

Snap glossed over its shortcomings in user count and revenue to focus on several vanity metrics during its earnings call:

  • The average user creates 20 Snaps per day.
  • The dancing hot dog that Spiegel called the world’s “first augmented reality superstar” was viewed over 1.5 billion times on Snapchat, plus tons more as it was made into viral memes shared around the web.
  • Publisher Story views are up 30% quarter-over-quarter.
  • Snap doubled the number of original “Shows” that…

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