Snapchat is a multimedia mobile and an image messaging application. It was created by Bobby Murphy, Reggie Brown and Evan Spiegel.
Snap Inc. (Snapchat)
The three were students at Stanford University when they created Snapchat. The name of the company Snapchat Inc. was derived from the market name of the application. It was later changed to Snap Inc.
Snap morphed into an app for private messaging as well as content like brand networks, live events and publications. Apart from using these apps, you can find many online games such as online roulette that you can play from your mobile.
The corporate office and headquarter of the company is located in Venice. Snap Inc. has recently made an amendment in the charter of the company in order to make sure that the founding members are able to retain voting control after the IPO (initial public offering).
The founders of Snap Inc. will consequently have more control over their company compared to their peers at Facebook and Google after they went public.
Google has also very quietly made a sizeable investment in Snap Inc.
Around 74% shares of Snap Inc. are currently controlled by the Chief Executive Officer (CEO), Evan Spiegel, and Chief Technology Officer (CTO), Bobby Murphy of Snap Inc. This news has been revealed by Equidate.
Google’s Sergey Brin and Larry Page controlled 41% shares after their Initial public offering while Facebook’s Mark Zuckerberg controlled 56% shares.
Snap Inc. is urging investors in the public sector to stay firm behind the current team and offer their support so that they are able to build some great apps and bring innovations in the current one.
Snap is a wildly popular application which is firmly anchored with young users and teens. The company is hoping to raise four billion dollars through its IPO. Snap value will increase to around 35 billion dollars. The company is aiming for revenue of more than 350 million dollars.
Snap is planning to go public very soon–within the next four to five months. The recent changes in the company charter are indications that the founders of Snap Inc. are trying to get their own act together before the announcement of the IPO.