Evan Spiegel (CEO & co-founder) of Snapchat is heading a company that is facing some tough competition in the stock market. The company's stock has been declining for a while Snap is also facing staff cuts and tough competition from its rivals. However, Evan is not yet ready to give up!
Evan Spiegel believes that the company's business has a lot of long-term opportunities. He even went as far as to say that these opportunities are enormous! He said that Span is still far away from racing its full potential - He also clarified that he pays little attention to the stock price as it continues to go up and down.
So instead of focusing on the stock price, Evan is more focused on ensuring that the company's shareholders continue to get real value from their investment!
Since the start of 2022, Snap has already lost 76% of its stock value, and just last week, Snapchat had to let go of 20% workforce as well. When compared with the recent layoffs in the tech sector, this is one of the biggest, without any doubt!
Furthermore, the company also had to cancel 6 products, including the famous camera drone with the ability to self-fly.
Despite all the difficulties, the CEO of Snapchat is still not ready to sell the company and part ways. He believes that there is a lot of potential in Snapchat that it has to achieve!
If we look around, Snapchat is facing some tough competition in the metaverse space, especially from the Meta (formerly Facebook)... In just last year, Meta has put almost $10 billion into the technologies related to AR and VR. So in that regard, Snapchat doesn't have the type of money to compete against Meta!
However, the CEO believes that long-term success in the industry is not tied to spending a lot of money! He said that just spending more money doesn't ensure success in this industry and that's what matters the most!