Snapchat is a young, fun-loving social networking site where you can communicate with and keep up with your pals.
You can publish where you and your friends are hanging out, send messages that vanish, and keep track of who you talk to the most.
Most other social media networks lack the sense of community that this well-liked platform does.
Who Owns Snapchat?
Evan Spiegel and Bobby Murphy, two of Snapchat‘s creators, own the company. Murphy and Spiegel each hold 15% of the business, while Spiegel owns 13%. Murphy owns a little bit more than Spiegel because he also serves as the company’s chief technology officer.
Both men have had enormous success as a result of the social media company. Bobby Murphy prefers to keep his profession a secret, occasionally stepping out into the open for interviews about technology.
As the company’s public face, Evan Spiegel frequently handles more of the PR work. At Stanford University, they first connected as Kappa Sigma fraternity members. Spiegel had two years on Murphy. He ultimately decided to leave Stanford to pursue a career in politics.
Spiegel became a billionaire by the time he was 25 owing to Snapchat. At the moment, Spiegel is worth $13.6 billion, while Murphy is worth $14.9 billion. Murphy and Spiegel may possess a combined 30% of the business, but none of their shares give them voting privileges.
These kinds of shares are reserved for stockholders in the public. Both Murphy and Spiegel saw greater success in their early years than the majority of people do during their entire lifetimes. Spiegel was the youngest billionaire in 2015.
Murphy was included in Forbes’s 30 Under 30 for consumer technology list three years after Snapchat was made available to the general public. Snapchat receives billions of posts every day from its almost 300 million active monthly users.
Dropping out of college to start their own firm turned out to be the path that brought them success, even if some of the founders weren’t able to finish their degrees. Snapchat might not have existed without Kappa Sigma, a fraternity at Stanford. The best chances might be found in the most unlikely places.
How Snapchat Started
Evan Spiegel, Bobby Murphy, and Reggie Brown founded Snapchat in 2011. The original concept behind Snapchat was developed by Brown, who envisioned a social media network where users could upload photographs or videos that would quickly vanish from the site.
Spiegel, who Brown approached with his concept, concurred that it would be fantastic, particularly for students with curious parents or friends. Brown and Spiegel brought their idea to Murphy since they knew he could code and thought it may be popular with young internet users.
“Picaboo” was released by the group prior to the launch of Snapchat. Reggie Brown, though, didn’t seem to be pulling his weight or putting in nearly as much effort as Spiegel and Murphy did. After a few months, Brown was fired from the project by the other two founders.
Murphy and Spiegel repackaged “Picaboo” and introduced Snapchat in September 2011. The original trio agreed to pay Reggie Brown $157 million for his contributions and formally list him as a co-founder of Snapchat three years after the social media network was launched.
The two founders of Snapchat established clear boundaries between their respective roles from the beginning. This required Bobby Murphy to manage the technological aspect of their brand-new company.
Evan Spiegel would oversee their humanistic division of operations, which includes business administration and public relations. Since Snapchat’s founding, Bobby Murphy has held the position of chief technology officer while Evan Spiegel has always held the position of chief executive officer.
The duo has built a successful company using their special skills and passions. They are the ideal illustration of why having two minds is preferable to having one.
Does Facebook Own Snapchat?
Snapchat is not owned by Facebook. Although Facebook has made several attempts to acquire Snapchat, the company’s founders have no interest in selling. Not even Snapchat was the only social media rival that Facebook attempted to acquire.
Facebook made an offer to purchase Snapchat for $3 billion in 2013. FB is aware that the majority of its users these days are older. Facebook pleaded with them to buy the platform that Murphy and Spiegel had developed in an effort to attract younger people.
Facebook was attempting to drastically alter its user base at the time. FB attempted to acquire Twitter and other social media startups with younger user bases. Facebook was rejected by both social media outlets. At that time, Facebook acquired Instagram, the main rival of Snapchat.
After buying Instagram, Facebook started modifying it to mirror Snapchat’s features, such as adding photo filters that functioned similarly to Snapchat’s and creating certain sorts of disappearing posts.
This significantly reduced the price of Snapchat’s IPO. How Snapchat would react to Facebook’s tendency to copycat was unclear for a while. Snapchat believed that by innovating and expanding beyond its original boundaries, this social media cold war may finally come to an end.
Snap Map was one of the first significant features that Snapchat introduced. Users can display their location using the Snap Map. Snapchat has implemented an Action Bar that allows users to message friends, place local food orders, and more.
In addition, Snapchat made the decision to emphasize its augmented reality (AR) technology. Snapchat wants to make it possible for developers to make augmented reality (AR) experiences that consumers could access via the social media platform through Lens Studio. In augmented reality, a camera is moved about the real world to identify virtual features.
Does Google Own Snapchat?
No, Snapchat is not owned by Google. Similar to Facebook, Google made an offer to purchase Snapchat but was rejected. Google even made an offer for the popular social networking platform worth $30 billion, which is ten times what Facebook did.
Just before Snapchat’s most recent round of funding in 2016, Google execs met in secret. The offer from Google became known throughout the organization, but many Snapchat employees were aware of Evan Spiegel’s strong desire to maintain his independence.
Evan Spiegel, the founder of Snapchat, gained notoriety for refusing to cede the company’s independence after rejecting a sizable offer from Facebook.
Spiegel chose to keep Snapchat independent over regaining the company’s former market cap, despite the fact that the offer came after the social media platform had been hurt by Facebook’s competition.
When the information was made public, though, Google’s offer continued to be useful. People who had previously written Snapchat off as a relic of the past turned their attention back to the company after it experienced a 2.3% spike in share price to learn what Snapchat was doing to earn a $30 billion bid from Google.
Fortunately, Evan Spiegel’s connection with Google Chairman Eric Schmidt, who also served as an advisor to Evan Spiegel, is good. Google made a much more generous offer than Facebook, which was to buy out a rival.
Rather, Google invested in the business through CapitalG, their grow-phase investment fund. It was a chance for Snapchat to distance itself from Facebook’s Instagram and invest more money into new features for its service.
Allowing Google to acquire Snapchat would have a lot of advantages, but Spiegel won’t give up control of the business. Since Facebook’s increased competition, things at Snapchat have changed, but they continue to fight.
Why is Snapchat So Popular?
Numerous factors contribute to Snapchat’s popularity, beginning with what Snapchat is at its heart. Many users believe that the best postings are the ones that are the most unperfect since it is a location where people may submit something without it permanently remaining on their profile.
You may discover someone with a page full of staged, expert-quality images and only the best moments for videos on many different platforms. Snapchat aims to enable users to provide people with a more accurate view of their lives without having to worry about how their posts will seem over time.
You can find recordings of the best parties, awkward encounters with pals, and tear-jerking scenes where individuals are expressing their deepest emotions. Snapchat was always meant to be a place where users could be wholly authentic without feeling the intense need to be flawless.
Spiegel made it plain in the very first blog post he ever published for Snapchat that he wanted the platform to allow users to express the whole gamut of human emotion without having to worry about how it would appear if they were seeking a job.
Others will attribute the social networking platform’s popularity to the app’s special level of secrecy. Californian elementary school students were Snapchat’s initial target audience.
Because it used the internet to connect users, Snapchat was a great option for kids whose family’s phone plan only allowed them to send a certain number of text messages per month. This meant that students could use the program without having a phone.
Few of Murphy and Spiegel’s acquaintances were aware of Snapchat when it was first published. The popularity of the application among kids at Spiegel’s high school, which expanded to others around the nation, was aided by his cousin.
Snapchat’s User Privacy Problems
Snapchat lacks any safeguards against technical glitches or staff incompetence because it is an autonomous business. Its relationships with customers and investors have been severely harmed by everything from cyberattacks to lawsuits.
When Snapchat was hacked on New Year’s Eve in 2013, it was one of the first significant challenges the company faced. On a website they created for the hack, the hackers revealed the usernames and phone numbers of 4.6 million individuals.
The Federal Trade Commission initiated a case against Snapchat the next year. The Federal Trade Commission alleged that Snapchat misled its users about how quickly their posts actually vanish.
Anyone who has used the internet for a significant amount of time is aware that nothing ever completely vanishes. Other users have the option to screenshot posts, but the Federal Trade Commission and privacy groups were most concerned about the data that Snapchat was collecting from its users.
In order to comply with a court ruling, Snapchat must now disclose additional information about the data it collects and the uses to which it puts it. In 2014, the corporation was mandated to submit to 20 years of impartial third-party monitoring.
The improper use of account holders’ information presented the business with yet another issue later on. In 2019, Snapchat discovered that some of its employees had been secretly recording and preserving user posts.
Along with whatever else customers posted, these staff was saving the emails and phone numbers of users on their personal devices. Other Snapchat employees, including the founders, were shocked to learn that their employees were abusing the platform because Snapchat has strong policies around the handling of user data.
Problems With Disappearing Posts
Although the confidentiality that Snapchat offers may have numerous advantages, many users have also experienced its drawbacks. Many say that Snapchat enables users to publish inappropriate content.
Some people think that Snapchat’s secrecy encourages too many evil practices, including bullying and even revenge porn. Even recently, Snapchat has been attempting to resolve the issue.
On the platform of underage French females, there was a boom in revenge porn in 2020. To propagate the material without being discovered, users would open more accounts. Even the victims’ families are receiving images and videos from these users.
Because of this, a lot of users are committed to tracking down these accounts and reporting them as soon as they appear. Snapchat has stringent policies about these behaviors and deletes the accounts without giving any prior notice. Aaliyah Palmer was the victim of revenge porn that was distributed in the same year.
Four of the rapist’s buddies were the ones who captured her in images and videos before sharing them on Snapchat. Palmer and many of the French victims of Snapchat’s revenge porn scene contend that it is practically hard for them to gather evidence of the crime to present to the authorities since the disappearing photographs are so private.
Many victims are requesting that Snapchat and other social media sites develop a tool that allows them to gather the data they might require in situations when it needs to be reported to the authorities.
Snapchat is struggling as a result of losing a lot of prospective users and investors as a result of security issues and the prevalence of sexual offenses on the platform.
The Uncertain Future of Snapchat
The difficulties Snapchat has encountered have made the platform’s future uncertain. Snapchat isn’t the program it once was due to internal challenges brought on by subpar staff decisions and external struggles caused by Facebook’s aggressive competition for young people’s attention.
These issues typically arise when a company’s ownership has been transferred to another organization, yet Snapchat has had the same proprietors since its inception. Snapchat has been led by Bobby Murphy and Evan Spiegel both during its heyday and during its darkest periods.
The creators of Snapchat, in the opinion of their staff, have been outstanding leaders at every level. Bobby Murphy, according to those who have worked with him, always keeps a positive attitude and a smile on his face, regardless of what the business is going through.
Both Murphy and Spiegel have been motivated to become better leaders in their respective departments inside the firm by the new pressure that Facebook has put on Snapchat as a result of its acquisition and redesign of Instagram.
While Spiegel aids in corporate decision-making, Murphy has developed novel features to entice more people. Investors and customers are waiting patiently to see how Spiegel resolves the problems at Snapchat, which are getting worse.
It depends on Murphy and Spiegel’s capacity for resiliency whether the founders can keep control.