The world of social media has been growing over the years since the advent of Facebook a while ago. SnapChat is one such entry that made its debut to the social media market in 2011. Read on to find more about SnapChat and who owns it.
Originally Picaboo, SnapChat had to rebrand following the existence of Picaboo. The developer’s settled with SnapChat.
Reggie Brown was a student at Stanford University. He coined an idea in which people can share multimedia content that ‘disappears’ within a short while. You do not need to delete the content as like bubbles, they disappear after the set time elapses.
Brown approached Evan Spiegel, a fellow student he lived with at Stanford about his idea. Evan was impressed and they sought the services of Bobby Murphy; a coding geek to actualize the idea.
Following several months of development, SnapChat went live on iOS in 2011. The android version was released a year later. Up until 2018, SnapChat’s popularity has gained over 187 million users who are active on a daily basis.
Who owns SnapChat, Facebook and Instagram?
Many a times, we associate Mark Zuckerberg as the king of social media. To name them, Zuckerberg’s Facebook has grown to acquire Whatsapp, Instagram and Facebook. All of which, are giant social messaging apps.
SnapChat’s success did not go unnoticed by Facebook and thus they approached Snap Inc. a company that owns SnapChat. Facebook’s bid of $3 billion in 2014 to take over the social app did not go well.
The owners (Snap Inc.) wanted a controlling majority of the application.
READ ALSO: How to Know Your Tigo Number
Who owns SnapChat now?
Typical of startups, the idea generator often gets kicked out of the group.
Brown came up with the idea of SnapChat. Spiegel and Bobby did not see a role played by Brown in the actualization of the company and thus he was kicked off the organization settling for $ 157 million.
The other co-founders own a substantial majority of deciding stake in the company. Besides the company’s CEO Spiegel and the CTO Bobby, here are the other shareholders of SnapChat.
Much of SnapChat is owned by those who have grown the company over the years including Timothy Sehn; VP SnapChat Engineering, Michael Lynton; Chairman Snap Inc. and Imran Khan; Chief Strategy Officer.
Outside of SnapChats technical team, these are the other shareholders.
Having been listed as an IPO, the largest venture shareholders to SnapChat are the Benchmark.
Following closely is Lightspeed Venture Partners. Ventures ousted SnapChat out of bankruptcy to pay for their servers just in time to earn a stake in to make the list of those who own SnapChat.
READ ALSO: Ghana Telecom University Courses