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From: da_cheif™8/1/2017 3:26:11 PM
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Message 31011253

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From: Glenn Petersen8/3/2017 10:16:01 PM
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Insiders say Google was interested in buying Snap for at least $30 billion last year

Alex Heath
Business Insider
August v3, 2017



Snap CEO Evan Spiegel. Reuters
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We keep hearing that Google floated an offer of at least $30 billion to buy Snap in early 2016.

Three people, including people inside and close to the company, separately confirmed they had heard the chatter and price tag, with one calling it an "open secret" among Snap's upper ranks and certain tech industry circles.

Business Insider first heard the rumor of Google's $30 billion-plus interest in Snap last year and heard further tales of the discussions from more insiders over the past several days.

It's unclear how formal the discussions these insiders say happened may have been, but Snap and Google have long been close. Informal discussions between companies are frequent in the tech world, especially surrounding major events, like an initial public offering or a large round of fundraising.

Google's initial offer would have been discussed just before Snap raised its Series F round of private funding in May 2016, valuing the company at $20 billion. CapitalG, the growth equity fund managed by Google's parent company, Alphabet, ended up quietly participating in the round.

One person said Google and Snap also had discussions about a potential buyout just ahead of Snap's IPO in March, and that an offer in the ballpark of $30 billion had been on the table since the IPO.

Chatter that Snap passed up a chance to sell to Google for at least twice its current value could be especially painful for investors and employees grappling with the company's sinking stock. Snap's shares are trading at around $12.50, and it has a market cap of roughly $14 billion, well below the $24 billion valuation at which it priced its IPO.

When asked for comment, a Snap representative told Business Insider that as far as formal discussions go, "these rumors are false." Google declined to comment.

One possible motivation behind the rumors is that people are hoping Snap will get acquired. But the rumors have persisted for months, and they're being talked about as fact both inside and outside the company by lots of people in a position to know.

Why a deal between Snap and Google would make sense



Alphabet Executive Chairman Eric Schmidt. REUTERS/Rebecca Naden
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The two companies are already close. Sources say there is mutual respect between each side's leadership, and Alphabet's executive chairman, Eric Schmidt, is an early adviser to Snap CEO Evan Spiegel. Snap is one of the largest customers of Google Cloud and uses Google's suite of apps internally.

Google has always wanted to own a hot social network and has tried several times with products like Google Plus and Google Buzz. In 2013, it was rumored that Google had tried to grab Snapchat for $4 billion as Spiegel turned down an offer from Facebook CEO Mark Zuckerberg.

Joining forces with Google could also help Snap better monetize its platform — Google is raking in the vast majority of all digital ad money — and it could be a good way for Spiegel to stick it to Zuckerberg, with whom he has had a rocky relationship.

And here's why a deal may not work

27-year-old Spiegel would ultimately decide whether to sell Snap, and people close to the company say he's fiercely independent and has shown no serious interest in selling. He is widely considered to be a visionary, contrarian CEO who values running his company in Southern California, outside of the Silicon Valley bubble where Alphabet is headquartered.

It's also unclear how Spiegel and his roughly 2,500 employees would integrate into Google or Alphabet. Spiegel doesn't strike us as the kind of executive who would like reporting to a boss.

businessinsider.com

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From: Sr K8/4/2017 10:37:32 PM
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on WSJ.com

Google is developing technology to let publishers create visual-oriented media content along the lines of Snapchat’s “Discover,” upping the ante in a race among tech giants to dominate news dissemination on smartphones.

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From: Glenn Petersen10/4/2017 5:32:28 AM
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Snap has sold more Spectacles than Apple sold iPods in their first year, says CEO, but investors still 'fearful'
  • Snap CEO Spiegel spoke to author Walter Isaacson at Vanity Fair's fourth annual New Establishment Summit in Beverly Hills, California.
  • Spiegel's comments on Tuesday indicated that Spectacles unit sales are now higher than the iPod's after a year — a figure he's proud of, given that Apple's iPod had about 143,000 net unit sales in its first full year, 2002.
  • "I think investors are fearful, and fear is a powerful motivator -- they're fearful we'll never be profitable, or they're fearful that competition will kill us or something like that," Spiegel said. "But I think those are kind of normal fears for any start-up."
Anita Balakrishnan | @MsABalakrishnan
CNBC.com
October 3, 2017



Getty Images
Evan Spiegel, co-founder and CEO of Snapchat
_______________________________________

Snap has sold about 150,000 of its camera glasses, called Spectacles, CEO Evan Spiegel said on Tuesday.

Spiegel spoke to author Walter Isaacson at Vanity Fair's fourth annual New Establishment Summit in Beverly Hills, California. But while Spiegel said the sales figure far exceeded internal expectations for the product, Isaacson argued it seemed like the device wasn't catching on.

Snap, which makes the ephemeral messaging app Snapchat, has rebranded itself as a "camera company." But at least as of May, it seemed like its much-hyped camera device wasn't making a mark on Snap's business, which is funded mostly by advertising on Snapchat.

In May, Snap said its $130 augmented reality and camera glasses generated a little more than $8 million in revenue during the quarter — out of total revenue of $150 million — which would have indicated sales of about 61,500 units of the Spectacles if they were sold at full price.

Spiegel's comments on Tuesday indicated that Spectacle unit sales are now higher — a figure he's proud of, given that Apple's iPod had about 143,000 net unit sales in its first full year, 2002. For Snap, the glasses are a way to build expertise in the hardware field, in anticipation of greater adoption in the next ten years — "so many things" are coming for Spectacles, he said.

But Spiegel conceded that he's had trouble selling parts of his long-term vision to investors, not just when it comes to Spectacles.

"One of the things I did underestimate was how much more important communication becomes," Spiegel said. "When you go public… you really need to explain to a huge new investor base, right – instead of having 10 new investors, you have 10,000 – you have to explain how your business works. And at the same time you need to do that, there are also all these new regulations about what you can and cannot say and how you can communicate. So I think one of the things we've been going through this year is how to communicate the Snap story."

Spiegel had an awkward exchange with Wall Street analysts in August, when a hot mic caught an analyst describing how it was difficult to understand Spiegel's answer to a question. While Snap's IPO saw big gains out of the gate, shares have fallen more than 34 percent over the past six months.

"I think investors are fearful, and fear is a powerful motivator – they're fearful we'll never be profitable, or they're fearful that competition will kill us or something like that," Spiegel said. "But I think those are kind of normal fears for any start-up – and the really successful companies just grow through that. And that's why we've just tried to stay focused on the business this year and execute and deliver results."

--Additional reporting by Leanne Miller

https://www.cnbc.com/2017/10/03/snap-spectacles-how-many-have-been-sold.html

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From: hollyhunter10/12/2017 7:44:39 PM
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On watch for breakout at 16.86.

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