Snap Inc.#Controversy

The company was founded on September 16, 2011, by Evan Spiegel and Bobby Murphy{{Cite web |title=Snapchat {{!}} History Timeline |url=https://historytimelines.co/timeline/snapchat |access-date=2025-04-04 |website=History Timelines |language=en}} upon the relaunch of the photo sharing app Picaboo as Snapchat. On December 31, 2013, the application was hacked and 4.6 million usernames and phone numbers were leaked to the Internet.{{Cite web |last=Yeung |first=Ken |date=2014-01-01 |title=Snapchat User Name and Phone Numbers Allegedly Leaked Affecting 4.6M |url=https://thenextweb.com/news/hackers-allegedly-exploit-snapchat-security-hole-leak-4-6m-usernames-phone-numbers-online |access-date=2025-04-04 |website=TNW {{!}} Insider |language=en}}

By January 2014, the company had refused offers of acquisition,{{Cite web |last=Fiegerman |first=Seth |date=2014-01-07 |title=Snapchat CEO Evan Spiegel reveals why he rejected $3 billion Facebook deal |url=https://www.smh.com.au/technology/snapchat-ceo-evan-spiegel-reveals-why-he-rejected-3-billion-facebook-deal-20140107-hv7q1.html |access-date=2025-04-04 |website=The Sydney Morning Herald |language=en}} including overtures from Mark Zuckerberg,{{Cite web |last=Colao |first=J. J. |title=The Inside Story Of Snapchat: The World's Hottest App Or A $3 Billion Disappearing Act? |url=https://www.forbes.com/sites/jjcolao/2014/01/06/the-inside-story-of-snapchat-the-worlds-hottest-app-or-a-3-billion-disappearing-act/ |access-date=2025-04-04 |website=Forbes |language=en}} with Spiegel commenting that "trading that for some short-term gain isn’t very interesting."{{Cite news|url=http://mashable.com/2014/01/06/snapchat-facebook-acquisition-2/#6vAZ2evsskqX|title=Snapchat CEO Reveals Why He Rejected Facebook's $3 Billion Offer|last=Fiegerman|first=Seth|date=6 January 2014|work=Mashable|access-date=15 November 2016}}

In May 2014, the company acquired the software company AddLive to provide needed technology to create a new video chat feature.{{Cite news|url=https://www.theverge.com/2014/5/2/5676196/snapchat-acquires-addlive-video-chat|title=Snapchat made a secret acquisition to power its new video chat|last=Hamburger|first=Ellis|date=2 May 2014|work=The Verge|access-date=15 November 2016|via=Vox Media}}{{Cite web |date=2019-02-18 |title=Australia emerges as Snapchat profit and R&D hub |url=https://www.afr.com/technology/australia-emerges-as-snapchat-profit-and-rd-hub-20190215-h1baou |access-date=2025-04-04 |website=Australian Financial Review |language=en}} In that same month, it settled U.S. Federal Trade Commission (FTC) charges over its having misled users regarding its collection of their address book data and transmission of their locations (without notice or consent), and regarding its claim that user messages disappeared after their expiration (rather than remaining accessible, as they had).{{Cite news|url=https://www.ftc.gov/news-events/press-releases/2014/05/snapchat-settles-ftc-charges-promises-disappearing-messages-were|title=Snapchat Settles FTC Charges That Promises of Disappearing Messages Were False; Snapchat Also Transmitted Users' Location and Collected Their Address Books Without Notice Or Consent|date=8 May 2014|work=Federal Trade Commission|access-date=15 November 2016}} In December, the company acquired Vergence Labs for $15 million in cash and stock,{{Cite web |last=Kokalitcheva |first=Kia |date=2014-12-17 |title=Snapchat paid $15M for Vergence Labs, a Google Glass-like startup |url=https://venturebeat.com/business/snapchat-paid-15m-for-vergence-labs-a-google-glass-like-startup/ |access-date=2025-04-04 |website=VentureBeat |language=en-US}} who were the developers of Epiphany Eyewear, and the mobile app Scan for $50 million, which was revealed during the 2014 Sony Pictures hack.{{Cite news|url=http://www.businessinsider.com/snapchat-acquires-vergence-labs-2014-12|title=It Looks Like Snapchat Paid $15 Million To Buy A Google Glass-Like Startup|last1=Yarow|first1=Jay|date=16 December 2015|work=Business Insider|last2=Shontell|first2=Alyson|last3=Cook|first3=James|access-date=14 November 2016}}{{Cite news|url=https://techcrunch.com/2014/12/16/snapchat-emails-not-so-ephemeral/|title=Snapchat Plans Music Feature, Acquired QR Scan.me For $50M And Vergence Eyeglass Cam For $15M|last=Constine|first=Josh|date=16 December 2014|work=TechCrunch|access-date=15 November 2016|via=AOL}}

In May 2015, the company moved from its original headquarters to a 47,000 ft² (4,366 m²) office complex near Venice Beach and signed a 10-year lease.{{Cite news|url=http://www.businessinsider.com/snapchat-has-signed-a-10-year-lease-at-a-venice-office-complex-displacing-roughly-40-small-businesses-2015-5|title=Snapchat gobbles up big office complex near Venice Beach with 10-year lease|last=Stone|first=Madeline|date=1 May 2015|work=Business Insider|access-date=15 November 2016}} They were one of the first prominent online platforms to establish themselves there, alongside others such as Whisper and Tinder, giving Venice the new title of "Silicon Beach."{{Cite news|url=http://www.mercurynews.com/2017/01/07/snaps-ipo-may-make-silicon-beach-worthy-silicon-valley-rival/|title=Snap's IPO may make Silicon Beach a worthy Silicon Valley rival|last=Kendall|first=Marisa|date=January 7, 2017|work=The Mercury News|access-date=February 23, 2017}}{{Cite news|url=https://www.usatoday.com/story/tech/talkingtech/2017/01/18/how-snapchat-has-changed-its-hometown-venice/96740566/|title=How Snapchat has changed its hometown of Venice|last=Graham|first=Jefferson|date=January 18, 2017|work=USA Today|access-date=February 23, 2017}} In February 2017, two weeks before the company's IPO, The New York Times published a feature about Snap's role in turning the area into a technology hub, noting that Snap, with a total of 1,900 employees, had "already changed the face of Venice."{{Cite news|url=https://www.nytimes.com/2017/02/20/technology/snap-ipo-los-angeles-real-estate.html|title=With Snap's I.P.O., Los Angeles Prepares to Embrace New Tech Millionaires|last=Benner|first=Katie|date=February 20, 2017|work=The New York Times|access-date=February 23, 2017}}

In September 2015, Snapchat acquired Looksery to develop Lenses for its mobile app, a feature based on Looksery's facial recognition software.{{Cite news|url=http://www.businessinsider.com/snapchat-buys-looksery-2015-9|title=Snapchat buys Looksery, a 2-year-old startup that lets you Photoshop your face while you video chat|last=Shontell|first=Alyson|date=15 September 2015|work=Business Insider|access-date=15 November 2016}} In March, July, and August 2016, the company acquired Bitstrips for $100 million, Obvious Engineering, the developers of Seene, for an undisclosed amount and Vurb for $100 million.{{Cite web |last=Novet |first=Jordan |date=2016-07-26 |title=Seene shutting down 3D photo app following reported acquisition by Snapchat |url=https://venturebeat.com/mobile/seene-shutting-down/ |access-date=2025-04-04 |website=VentureBeat |language=en-US}}{{Cite news|url=http://fortune.com/2016/03/24/exclusive-snapchat-buys-bitmoji-maker/|title=Exclusive: Snapchat Buys Bitmoji Maker|date=24 March 2016|work=Fortune|access-date=15 November 2016|via=Time Inc.}}{{Cite web |title=Snapchat to Buy Vurb for More Than $100 Million |url=https://www.theinformation.com/articles/snapchat-to-buy-vurb-for-more-than-100-million |access-date=2025-04-04 |website=The Information |language=en}} Vurb formerly developed the eponymous mobile search engine. The Vurb card-based engine removed the need to switch through multiple other applications on the device to perform a task.{{cite web|url=http://vurb.com/about|title=About Verb|website=vurb.com|access-date=March 2, 2015}}

In September 2016, the company officially named itself Snap Inc., and unveiled smartglasses known as Spectacles.{{Cite news |last=Stevenson |first=Seth |date=2016-09-24 |title=Snapchat Releases First Hardware Product, Spectacles |url=https://www.wsj.com/articles/snapchat-releases-first-hardware-product-spectacles-1474682719 |access-date=2025-04-04 |work=Wall Street Journal |language=en-US |issn=0099-9660}}{{cite magazine|url=https://www.forbes.com/sites/kathleenchaykowski/2016/09/24/snapchat-leaps-into-hardware-rebrands-as-snap-inc/#2c2005974de8|title=Snapchat Leaps Into Hardware, Rebrands As 'Snap Inc.'|last=Chaykowski|first=Kathleen|date=24 September 2016|magazine=Forbes|access-date=15 November 2016}}{{cite web|url=https://www.theverge.com/2016/9/23/13039184/snapchat-spectacles-price-release-date-snap-inc|title=Snapchat unveils $130 connected sunglasses and rebrands as Snap, Inc.|last=Newton|first=Casey|date=23 September 2016|website=The Verge|access-date=15 November 2016}} In November 2016, the company filed documents for an initial public offering (IPO) with an estimated market value of $25–35 billion.{{Cite news|url=https://www.theverge.com/2016/11/15/13642612/snapchat-snap-inc-ipo-filing-valuation|title=Snapchat just filed for its IPO|last=Statt|first=Nick|date=15 November 2016|work=The Verge|access-date=15 November 2016|via=Vox Media}}{{Cite magazine|url=https://www.wired.co.uk/article/snapchat-ipo-amount|title=Snapchat reportedly gearing up for £20 billion IPO|last=Burgess|first=Matt|date=17 October 2016|magazine=Wired|access-date=15 November 2016|via=Condé Nast}}{{cite news|url=https://www.bloomberg.com/news/articles/2016-11-17/snap-ipo-to-test-unicorn-founder-fortunes-tallied-at-31-billion|title=Snap's IPO Will Test How Much Unicorn CEOs Are Actually Worth|work='Bloomberg|author=Tom Metcalf|date=November 17, 2016}} In December 2016, the company opened research and development in Shenzhen and acquired advertising and technology company Flite and Israel-based augmented reality startup Cimagine Media for $30–40 million.{{Cite web |last=Yeung |first=Ken |date=2016-12-25 |title=Snap reportedly acquired augmented reality startup Cimagine Media for up to $40 million |url=https://venturebeat.com/social/snap-reportedly-acquired-augmented-reality-startup-cimagine-media-for-up-to-40-million/ |access-date=2025-04-04 |website=VentureBeat |language=en-US}}{{Cite news|url=http://www.recode.net/2016/12/19/14010630/snap-flite-ad-tech-aquisition|title=Snap has acquired an ad tech company called Flite|last=Wagner|first=Kurt|date=19 December 2016|work=Recode|access-date=21 December 2016|via=Vox Media}}{{Cite news|url=https://www.zdnet.com/article/snap-inc-looks-to-land-in-china-report/|title=Snap Inc looks to land in China: Report|last=Lee|first=Cyrus|date=19 December 2016|work=ZDNet|access-date=21 December 2016|via=CBS Interactive}}{{Cite news|url=https://techcrunch.com/2016/12/21/snap-inc-has-a-new-china-tech-rd-office-focused-on-spectacles/|title=Snap Inc. has a new China tech R&D office focused on Spectacles|last=Etherington|first=Darrell|date=21 December 2016|work=TechCrunch|access-date=21 December 2016|via=AOL}} A partnership issued in December 2016 with Time Warner’s Turner Broadcasting System will allow integration of Turner properties on Snapchat, while cooperating with Snap Inc. to develop original content.{{Cite news|url=https://variety.com/2016/tv/news/turner-snapchat-adult-swim-original-series-1201936027/|title=Turner Inks Deal With Snap, Inc. to Create Original Series, Launch Bleacher Report on Snapchat Discover|last=Schwindt|first=Oriana|date=7 December 2016|work=Variety|access-date=21 December 2016|via=Penske Media Corporation}}

In January 2017, the company announced that it had established an international headquarters in Soho, London.{{Cite web|url=https://techcrunch.com/2017/01/10/snap-crosses-the-pond-and-makes-a-home-in-the-uk/|title=Snap crosses the pond and makes a home in the UK|last=Shieber|first=Jonathan|date=2017-01-10|website=TechCrunch|access-date=2017-01-10}} In early February 2017, the company confirmed their plans for an IPO in 2017 and its expectation to raise $3 billion.{{Cite web|url=https://www.theverge.com/2017/2/2/14451972/snap-ipo|title=Snapchat files for a $3 billion IPO|last=Kastrenakes|first=Jacob|date=2017-02-02|website=The Verge|access-date=2017-02-03}} In early March 2017, the company went public under the trading symbol SNAP, and raised almost $30 billion in market capitalization on the first day of trading.{{Cite news|url=http://business.financialpost.com/fp-tech-desk/snapchats-parent-snap-inc-rockets-higher-in-biggest-wall-street-debut-since-2014|title=Snap pulls off biggest tech debut since Alibaba, rising almost 50% to $30 billion marketcap|last1=Hirsch|first1=Lauren|date=March 2, 2017|work=Financial Post|access-date=March 2, 2017|last2=Somerville|first2=Heather|language=en|last3=Baker|first3=Liana B.}}

In late May 2017, the company acquired the location sharing app Zenly in a cash and stock deal. The Zenly app will remain functional, but its concepts were incorporated into a Snapchat feature added in June 2017.{{Cite web |last=Constine |first=Josh |date=2017-06-21 |title=Snapchat launches location-sharing feature Snap Map |url=https://techcrunch.com/2017/06/21/snap-map/ |access-date=2025-04-04 |website=TechCrunch |language=en-US}}{{Cite web |last=Constine |first=Josh |date=2017-06-21 |title=Snapchat acquires social map app Zenly for $250M to $350M |url=https://techcrunch.com/2017/06/21/snapchat-buys-zenly/ |access-date=2025-04-04 |website=TechCrunch |language=en-US}} In August 2017, Business Insider reported that Google discussed an offer to buy the company for $30 billion in early 2016.{{Cite web |last=Heath |first=Alex |title=Insiders say Google was interested in buying Snap for at least $30 billion last year |url=https://www.businessinsider.com/google-offered-to-buy-snapchat-for-at-least-30-in-early-2016-insiders-say-2017-8 |access-date=2025-04-04 |website=Business Insider |language=en-US}}{{Cite web |last=Enrique |title=Google reportedly wanted to buy Snapchat for $30 billion |url=https://www.gsmarena.com/google_reportedly_wanted_to_buy_snapchat_for_30_billion_-news-26574.php |access-date=2025-04-04 |website=GSMArena.com |language=en-US}} In October 2017, the company announced that it had formed a joint venture with NBCUniversal to produce content for Snap's platforms, and that it had signed Duplass Brothers Productions as its first partner.{{Cite web |last=Spangler |first=Todd |date=2017-10-17 |title=Snap, NBCUniversal Form Studio Joint Venture, Tap Duplass Brothers for Original Shows |url=https://variety.com/2017/digital/news/snap-nbcuniversal-studio-venture-duplass-brothers-shows-1202591040/ |access-date=2025-04-04 |website=Variety |language=en-US}} In November 2017, Tencent acquired a 12% non-voting minority equity stake of the company in the open market.{{Cite news|url=https://www.recode.net/2017/11/8/16624020/tencent-snap-snapchat-investment-spectacles-tim-sehn-redesign-earnings|title=China's Tencent bought 12 percent of Snap — and everything else we learned from Snap's earnings report|work=Recode|access-date=2017-12-01}}

On October 26, 2018, at TwitchCon, Snap launched a new desktop application for macOS and Windows known as Snap Camera.{{Cite web |last=Southern |first=Matt G. |date=2018-10-27 |title=Snapchat Launches a Desktop App for Adding Filters to Streaming Videos |url=https://www.searchenginejournal.com/snapchat-launches-a-desktop-app-for-adding-filters-to-streaming-videos/275391/ |access-date=2025-04-04 |website=Search Engine Journal |language=en}} It allows users to utilize Snapchat filters via PC webcams in video chat and live streaming services such as Skype, Twitch, YouTube, and Zoom. Snap also announced additional integration with Twitch.{{Cite web |last=Newton |first=Casey |date=2018-10-26 |title=Snapchat brings its camera to the desktop to add filters to your streaming videos |url=https://www.theverge.com/2018/10/26/18026688/snap-camera-snapchat-lenses-twitch-youtube-skype |access-date=2025-04-04 |website=The Verge |language=en-US}}

In August 2022, The Verge reported that Snap would be laying off 20% of its 6,400-person workforce.{{Cite web |last=Heath |first=Alex |date=2022-08-30 |title=Snap plans to lay off 20 percent of employees |url=https://www.theverge.com/2022/8/30/23329301/snap-layoffs-20-percent-employees-snapchat |access-date=2025-04-04 |website=The Verge |language=en-US}}{{Cite news |last=Huang |first=Kalley |date=2022-08-31 |title=Snap Cuts 20% of Employees and Restructures |url=https://www.nytimes.com/2022/08/31/technology/snap-layoffs-restructuring.html |access-date=2025-04-04 |work=The New York Times |language=en-US |issn=0362-4331}} The layoffs primarily impacted the company's hardware division and the developer products including the separately run Zenly.

On 5 February 2024, Snap Inc. announced it would lay off 10% of its global workforce, approximately 500 employees, partly to "promote in-person collaboration", marking another significant reduction following a 20% staff cut in 2022.{{Cite web |last=Goswami |first=Rohan |date=2024-02-05 |title=Snap to lay off 10% of global workforce, around 500 employees |url=https://www.cnbc.com/2024/02/05/snap-to-lay-off-10percent-of-global-workforce-around-500-employees.html |access-date=2024-02-05 |website=CNBC |language=en}}{{Cite web |last=Burch |first=Sean |date=2017-09-04 |title=Snaptik app |url=https://snaptikpro.app/ |access-date=2025-04-04 |website=SnapTikPro.app |language=en}} On September 12, 2024, Snap appointed Yahoo CEO Jim Lanzone to its board of directors.{{Cite web | publisher=Business Wire |date=2024-02-05 |title=Jim Lanzone Joins Snap Inc. Board of Directors |url=https://finance.yahoo.com/news/jim-lanzone-joins-snap-inc-201000975.html |access-date=2024-09-14 |website=Yahoo Finance |language=en}}{{Cite web |last=TechDogs |title=TechDogs - Discover the Latest Technology Articles, Reports, Case Studies, White Papers, Videos, Events, Hot Topic: AI, Tech Memes, Newsletter |url=https://www.techdogs.com/tech-news/business-wire/jim-lanzone-joins-snap-inc-board-of-directors |access-date=2025-04-04 |website=TechDogs |language=en}}

The company develops and maintains the image messaging and multimedia mobile app Snapchat, as well as the Snapchat's Augmented Reality (AR) ad lens. The function was launched in September 2015. Specifically, the AR ad lens is one of the unique features of Snapchat, which allows advertisers to attract their target audience with various innovative lenses. Users can also use these lenses to change their faces, appearance, and even surroundings based on their preferences, and share those visual images or videos within their social networks.{{Cite journal |last=Dodoo |first=Naa Amponsah |last2=Youn |first2=Seounmi |date=2021-03-01 |title=Snapping and chatting away: Consumer motivations for and outcomes of interacting with Snapchat AR ad lens |url=https://www.sciencedirect.com/science/article/pii/S0736585320301738 |journal=Telematics and Informatics |volume=57 |pages=101514 |doi=10.1016/j.tele.2020.101514 |issn=0736-5853}} In addition, the company also develops and manufactures the wearable camera called Spectacles, a pair of smartglasses that connect to the user's Snapchat account and records videos in a circular video format adjustable in any orientation.

On February 20, 2017, Snap Spectacles became available for purchase online.{{cite news |access-date=February 20, 2017 |url=https://www.cnet.com/news/finally-snap-snapchat-spectacles-are-sold-online/ |title=Finally! Spectacles are available online |work=Adweek |location=San Francisco, CA |date=February 20, 2017 |author=Savvides, Lexy}} The company sold only 220,000 pairs of Snap Spectacles V1. The company developed and launched Spectacles V2 in April 2018 in the U.S., Canada, U.K. and France; and 13 more European countries in May 2018.{{Cite web |last=Constine |first=Josh |date=2017-02-20 |title=Snap starts selling Spectacles online in the US for $130 |url=https://techcrunch.com/2017/02/20/buy-spectacles-online/?_ga=2.174009443.1348395253.1537416644-315947933.1536649954 |access-date=2025-04-04 |website=TechCrunch |language=en-US}} On April 28, 2022, the company announced a mini drone called Pixy.{{Cite web |date=2022-04-28 |title=Snap Launches $230 'Pixy' Drone |url=https://www.macrumors.com/2022/04/28/snap-pixy-drone/ |access-date=2025-04-04 |website=MacRumors |language=en}} Later that year in August, it was reported that future development of Pixy would be discontinued, while continuing to sell the current iteration of the drone.{{Cite news |last=Bobrowsky |first=Meghan |date=2022-08-18 |title=WSJ News Exclusive {{!}} Snap Scraps Development on Flying Selfie Pixy Drone |url=https://www.wsj.com/articles/snap-scraps-development-on-flying-selfie-pixy-drone-11660836217 |access-date=2025-04-04 |work=Wall Street Journal |language=en-US |issn=0099-9660}}

Snapchat app raised $485,000 in its seed round and an undisclosed amount of bridge funding from Lightspeed Venture Partners.{{cite news|url=https://techcrunch.com/2012/10/29/billion-snapchats/|title=You Know What's Cool? A Billion Snapchats: App Sees Over 20 Million Photos Shared Per Day, Releases On Android|date=October 29, 2012|newspaper=TechCrunch|access-date=December 22, 2012|author=Gallagher, Billy}} By February 2013, Snapchat confirmed a $13.5 million Series A funding round led by Benchmark, which valued the company at between $60 million and $70 million.Primack, Dan. (June 26, 2013) [http://finance.fortune.cnn.com/2013/06/26/snapchats-liquidity-trap/ Snapchat's liquidity trap – The Term Sheet: Fortune's deals blogTerm Sheet]. Finance.fortune.cnn.com. Retrieved on December 9, 2013. In June 2013, Snapchat raised $60 million in a Series B funding round led by venture capital firm Institutional Venture Partners.{{Cite web |last=Tsotsis |first=Alexia |date=2013-06-23 |title=Snapchat Snaps Up A $80M Series B Led By IVP At An $800M Valuation |url=https://techcrunch.com/2013/06/22/source-snapchat-snaps-up-80m-from-ivp-at-a-800m-valuation/ |access-date=2025-04-04 |website=TechCrunch |language=en-US}} The firm also appointed a new high-profile board member, Michael Lynton of Sony's American division.{{cite news|url=https://www.reuters.com/article/us-venture-funding-snapchat-idUSBRE95N12W20130624|title=Snapchat lands $60 million and new board member Michael Lynton|date=June 24, 2013|work=Reuters|author=McBride, Sarah}} By mid-July 2013, a media report valued the company at $860 million.{{Cite web |last=Large |first=Bithia |date=2013-07-19 |title=Snapchat pivots from privacy to publicity |url=https://www.newstatesman.com/politics/2013/07/snapchat-pivots-privacy-publicity |access-date=2025-04-04 |website=New Statesman |language=en-US}}

On November 14, 2013, The Wall Street Journal reported that Facebook offered to acquire Snapchat for $3 billion, but Spiegel declined the cash offer.{{Cite news |date=2013-11-13 |title=Snapchat Spurned $3 Billion Acquisition Offer from Facebook |url=https://www.wsj.com/articles/BL-DGB-30794 |access-date=2025-04-04 |work=Wall Street Journal |language=en-US |issn=0099-9660}} Tech writer Om Malik then claimed on November 15, 2013, that Google had offered $4 billion, but Spiegel again declined.{{cite web|url=http://www.technobuffalo.com/2013/11/15/snapchat-4-billion-google-offer|title=Snapchat Allegedly Rejected $4B Buyout Offer From Google|access-date=November 15, 2013}} On December 11, 2013, Snapchat confirmed $50 million in Series C funding from Coatue Management.{{cite web|url=https://techcrunch.com/2013/12/11/snapchat-series-c-50-million|title=Snapchat Raises $50 Million in Series C From Coatue Management|date=11 December 2013 |access-date=December 11, 2013}}

Beyond 2014, the company had achieved a $10–$20 billion valuation, depending on the source, raising $100 million in Series D funding led by KPCB{{Cite web|title=Snapchat Raising A New Round From KPCB At A $10B Valuation|url=https://techcrunch.com/2014/08/26/snapchat-raising-a-new-round-at-a-10b-valuation/|access-date=2021-08-18|website=TechCrunch|language=en-US}} and $485 million in a Series E round led by Alibaba Group.{{cite web|url=https://techcrunch.com/2014/12/31/snapchat-485m/|title=Snapchat Has Raised $485 More From 23 Investors, At Valuation Of Up To $20|publisher=AOL|author=Ingrid Lunden|work=TechCrunch|date=January 2015 |access-date=May 16, 2015|quote=As of May 24th, 2016, Snapchat was estimated to be worth $22 billion.}}{{Cite web |last=Griffith |first=Erin |title=Report: Alibaba backing Snapchat at $15 billion valuation |url=https://fortune.com/2015/03/11/alibaba-snapchat-funding/ |access-date=2025-04-04 |website=Fortune |language=en}} Investors included General Catalyst, Kingdom Holding Company, SV Angel, Yahoo!, NBCUniversal, and Tencent. According to reports in May 2016, the company's estimated worth was said to be approaching $22.7 billion in the event of a new Series F round of investment of $1.8 billion from Spark Capital, General Atlantic, Sequoia Capital, T. Rowe Price, Meritech Capital Partners, Dragoneer Investment Group and others, led by Fidelity Investments.{{Cite web|title=Snapchat raised $1.8B in a Series F round; leaked deck reveals revenues, user numbers|url=https://techcrunch.com/2016/05/26/snapchat-series-f/|access-date=2021-08-18|website=TechCrunch|language=en-US}} Later, the company got an additional $200 million in the following Series FP round.{{Cite web |last=Roof |first=Ingrid Lunden, Katie |date=2016-05-23 |title=Snapchat is raising more money around $20 billion valuation |url=https://techcrunch.com/2016/05/23/sources-snapchat-is-raising-more-money-at-about-a-20-billion-valuation/ |access-date=2025-04-04 |website=TechCrunch |language=en-US}} Further reports in 2016 suggested that funding was almost at $3 billion and that Snapchat was targeting yearly revenues of a billion dollars.Ingrid Lunden Katie Roof, [https://techcrunch.com/2016/05/26/snapchat-series-f/ "Snapchat raised $1.8B in a Series F round; leaked deck reveals revenues, user numbers"], Techcrunch, May 26, 2016. Retrieved May 26, 2016. Google reportedly offered Snap $30 billion in 2016 for acquisition, which Snap turned down.{{Cite news|url=https://techcrunch.com/2017/08/03/google-buy-snap/|title=Google reportedly offered $30 billion to acquire Snapchat|last=Constine|first=Josh|date=August 3, 2017|work=TechCrunch|access-date=1 March 2019}}

In January 2017, The Wall Street Journal reported that "people familiar with the matter" stated that Snap Inc. would share 2.5% of the money raised in an upcoming initial public offering (IPO) with the banks managing the IPO. It also reported that after the predicted March 2017 IPO, the two Snap co-founders would hold over "70% of the voting power" in the company and own around 45% of the total stock.{{Citation

| last =Farrell

| first =Maureen

| date =January 20, 2017

| title =Snapchat Parent Plans to Pay Banks 2.5% of IPO Proceeds

| publisher =The Wall Street Journal

| publication-place =New York

| url =https://www.wsj.com/articles/snapchat-parent-plans-to-pay-banks-2-5-of-ipo-proceeds-1484950998

| access-date =January 22, 2017}} On January 29, 2017, it was reported that the Snap Inc. IPO would likely take place on the New York Stock Exchange. As both the NYSE and Nasdaq had been "aggressively courting the listing for more than a year," the Wall Street Journal called it "a big competitive victory for the Big Board." Snap's IPO was estimated to value the company at between $20 billion and $25 billion, the largest IPO on a US exchange since Alibaba debuted in 2014 at a value of $168 billion.{{Cite news |last=Farrell |first=Maureen |date=2017-01-30 |title=NYSE to Win IPO Prize: Listing of Snap |url=https://www.wsj.com/articles/snap-plans-to-list-shares-on-the-nyse-1485791561 |access-date=2025-04-04 |work=Wall Street Journal |language=en-US |issn=0099-9660}} Beyond the two founders, the two biggest shareholders for the planned early 2017 Snap IPO were Benchmark and Lightspeed Venture Partners, both prior investors and venture-capital firms from Silicon Valley. They held a combined stake of about 20%.{{Cite news |last=Winkler |first=Rolfe |date=2017-02-03 |title=Snap IPO Will Mint Fortunes for Founders, Two Big Investors |url=https://www.wsj.com/articles/snap-ipo-will-mint-fortunes-for-founders-two-big-investors-1486117806?tesla=y |access-date=2025-04-04 |work=Wall Street Journal |language=en-US |issn=0099-9660}} On March 1, 2017, it was reported that Snap Inc. "values itself at nearly $24B with its IPO pricing."{{Citation

| last1 =Lynley

| first1 =Matthew

| date =March 1, 2017

| title =Snap values itself at nearly $24B with its IPO pricing

| publisher =TechCrunch by Verizon (AOL)

| url =https://techcrunch.com/2017/03/01/snap-values-itself-at-nearly-24b-with-its-ipo-pricing/

| access-date =March 1, 2017}} Snap Inc.'s stock started trading on March 2, 2017, under the symbol SNAP, on the New York Stock Exchange.{{Cite news|url=https://www.bloomberg.com/news/articles/2017-03-01/snap-said-to-raise-3-4-billion-pricing-ipo-shares-above-range|title=Snap IPO Values Fading-Photo App Maker at Twice Facebook's Worth|last1=Barinka|first1=Alex|date=March 1, 2017|work=Bloomberg News|access-date=March 1, 2017|last2=Frier|first2=Sarah}}

When Snap reported earnings for the first time in May 2017, they reported a $2.2 billion quarterly loss, and the stock fell more than 20%, erasing most of the gains since the IPO.{{Cite news |last=Benner |first=Katie |date=2017-05-12 |title=In Snap Inc.’s Tumble, Start-Ups See a Warning From Wall Street |url=https://www.nytimes.com/2017/05/11/technology/snap-public-company-start-ups.html?_r=0 |access-date=2025-04-04 |work=The New York Times |language=en-US |issn=0362-4331}} Its market capitalization reached $100 billion for the first time on 22 February 2021.{{cite web | url=https://finance.yahoo.com/news/snap-hits-100-billion-market-145452855.html | title=Snap Hits $100 Billion Market Value After Doubling in Four Months | first=Jeran | last=Wittenstein | date=February 23, 2021 | publisher=yahoo!finance}}

In February 2024 stock fell 30% after earnings with disappointing profit guidance.{{Cite web |last=Savitz |first=Eric |date=6 February 2024 |title=Snap Earnings Beat Estimates. Why the Stock Is Plunging. |url=https://www.barrons.com/articles/snap-earnings-stock-price-01375436# |access-date=3 March 2024 |website=Barron's}} Market capitalisation as of 3 March 2024 was $18B, below 2017 IPO level.{{Cite web |date=1 March 2024 |title=Snap Inc. stock data |url=https://www.wsj.com/market-data/quotes/SNAP |access-date=3 March 2024 |website=Wall Street Journal}}

In February 2013, Reggie Brown sued Evan Spiegel and Bobby Murphy. Early investors were also eventually named in the lawsuit. Brown said that he had once been the chief marketing officer for the initial selfie app used to launch Snapchat, offering evidence of contacts with publications such as Cosmopolitan. He also claimed that he had come up with the original concept, which he had ultimately called Picaboo, and that he had created the mascot logo for the product while working with Spiegel to promote and market the idea. Originally titled "Toyopa Group, LLC," Brown said that he had named the newly formed company as well. Brown's lawyers offered documentation of a collaboration with Spiegel and Murphy, which included the filing of an original patent by the three Stanford classmates, but Snapchat described the lawsuit as meritless and called Brown's tactics a "shakedown". During April's depositions, Brown testified that he had believed he was an equal partner, and that he had agreed to share costs and profits. Spiegel instead described Brown as an unpaid intern who had been given an opportunity to earn valuable experience, and although Murphy claimed that he had not fully understood what Brown's role was supposed to have been, he too characterized Brown's involvement as having been that of an internship. Months later, Spiegel dismissed the lawsuit as an example of opportunists who seek out rapidly successful companies in an attempt "to also profit from the hard work of others."Karl Taro Greenfield,[https://www.playboy.com/articles/snapchat-billion-dollar-battle "The Billion Dollar Battle for Snapchat"] {{Webarchive|url=https://web.archive.org/web/20160823120354/https://www.playboy.com/articles/snapchat-billion-dollar-battle |date=2016-08-23 }}, Playboy, February 25, 2014. Retrieved March 31, 2016.Jim Edwards,[http://www.businessinsider.com/snapchat-lawsuit-photos-texts-and-emails-2013-8 "Photos Texts And Emails Show The Alleged Betrayal At The Heart Of Snapchat"], Business Insider, August 11, 2013. Retrieved March 27, 2016.Billy Gallagher, [https://techcrunch.com/2013/03/07/snapchat-lawsui/. "The Snapchat Lawsuit, Or How To Lose Your Best Friend Over $70 Million"], Techcrunch, March 7, 2013. Retrieved March 27, 2016.Alyson Shontell, [http://www.businessinsider.com/snapchat-lawsuit-video-depositions-2013-11 "These Leaked Videos Could Lead To A Huge Payday For Ousted Snapchat Co-Founder"], Business Insider, Nov 6, 2013. Retrieved May 18, 2016.Alyson Shontell, [http://www.businessinsider.com/snapchat-lawsuit-videos-2013-11 "SNAPCHAT LAWSUIT VIDEOS: After A 37-Second Pause, Snapchat's CEO Describes Regrets About The Friend He Ousted"], Business Insider, Nov 25, 2013. Retrieved March 3, 2016.sfg,[http://www.sfgate.com/technology/businessinsider/article/3-Must-Watch-Videos-Show-Why-The-Guy-Suing-5022178.php "3 Must-Watch Videos Show Why The Guy Suing Snapchat Could Win Millions Of Dollars]Etan Smallman, [http://metro.co.uk/2013/11/28/how-metro-was-ushered-from-the-court-of-3bn-snapchat-king-evan-spiegel-4204790/ "How Metro Was Ushered From Snapchat"], metro.co.uk, Nov 28, 2013. Retrieved March 3, 2016.{{cite web|url=https://snap.com/news/page/7|title=News – Page 7 – Snap Inc.|date=7 February 2024 }}

On 9 September 2014, the company announced that they had settled the lawsuit for an initially undisclosed amount. The settlement amount was revealed on 2 February, 2017, in Snap's SEC public filing to be $157.5 million.{{Cite web|url=https://techcrunch.com/2017/02/02/snap-has-finally-filed-publicly-for-its-massive-ipo/|title=Snap has finally filed publicly for its massive IPO|last=Lynley|first=Matthew|website=TechCrunch|date=2 February 2017 |access-date=2017-02-02}}{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1564408/000119312517029199/d270216ds1.htm|title=S-1|website=www.sec.gov|access-date=2017-02-02}} As part of the settlement, they credited Brown with the conceptual idea for Snapchat.{{cite web|url=http://www.businesswire.com/news/home/20140909006378/en/Snapchat-Reggie-Brown-Resolve-Disput#.VFDYSYf5nwx|title=Snapchat and Reggie Brown Resolve Dispute|date=9 September 2014|website=Business Wire|format=Press release|author1=Mary Ritti|access-date=29 October 2014}}

The press release published by Snapchat's communication department quoted Spiegel:

"We are pleased that we have been able to resolve this matter in a manner that is satisfactory to Mr. Brown and the Company. We acknowledge Reggie's contribution to the creation of Snapchat and appreciate his work in getting the application off the ground."

The Federal Trade Commission alleged that the company had exaggerated to the public the degree to which mobile app images and photos could actually be made to disappear. Following a settlement in 2014, Snapchat was not fined, but the app service agreed to have its claims and policies monitored by an independent party for a period of 20 years.Andrea Peterson, [https://www.washingtonpost.com/news/the-switch/wp/2014/05/08/snapchat-agrees-to-settle-ftc-charges-that-it-deceived-users/ "Snapchat agrees to settle FTC charges that it deceived users"], The Washington POST, May 8, 2014. Retrieved August 16, 2016.

The redesign of the Snapchat app in early 2018 made changes for which many users were not happy.{{Cite news|url=https://www.cnbc.com/2018/02/12/why-the-snapchat-redesign-is-so-bad.html|title=Here's why Snapchat users are so upset about its recent redesign|last=Angulo|first=Ingrid|date=2018-02-12|work=CNBC|access-date=2018-07-21}}{{Cite web|url=https://www.theguardian.com/technology/2018/feb/22/snapchat-redesign-12m-signature-petition-social-media-app-kylie-jenner-celebrities|title=Kylie Jenner helps to wipe $1bn from Snapchat with tweet over redesign woes|last=Hern|first=Alex|date=2018-02-23|website=the Guardian|language=en|access-date=2018-07-21}} Around 1.2 million people petitioned Snap, Inc. to roll back the redesign. Snap, Inc's reply makes no concessions, other than noting, "We completely understand the new Snapchat has felt uncomfortable for many."{{Cite news|url=https://www.theverge.com/2018/2/21/17037100/snapchat-update-redesign-petition-response|title=Snap responds to the 1.2 million petition signers who hate the redesign|work=The Verge|access-date=2018-07-21}}{{Cite news|url=https://techcrunch.com/2018/02/21/snapchat-responds-to-the-change-org-petition-complaining-about-the-apps-redesign/|title=Snapchat responds to the Change.org petition complaining about the app's redesign|work=TechCrunch|access-date=2018-07-21|language=en-US}}{{Cite news|url=https://www.businessinsider.com/snap-responds-to-changeorg-petition-to-remove-snapchat-update-2018-2?r=US&IR=T|title=Snap tells the 1.2 million people who signed a petition to remove the latest Snapchat update that they're out of luck|last=Peterson|first=Becky|date=2018-02-22|work=Business Insider Australia|access-date=2018-07-21|language=en}}

Due to the redesign and other market factors in 2018, such as the growth of Instagram Stories and WhatsApp Status,{{Cite news|url=https://techcrunch.com/2018/05/01/snapchat-q1-2018-earnings/|title=Snapchat slips in Q1 to its slowest user growth rate ever, shares fall 15%|work=TechCrunch|access-date=2018-07-21|language=en-US}} Daily Active Users (DAU) of the app only rose 2% from Q4 2017. Snap, Inc. stock fell more than 15% in after-hours trading following the earnings report release.{{Cite news|url=https://www.bloomberg.com/news/articles/2018-02-22/snap-royalty-kylie-jenner-erased-a-billion-dollars-in-one-tweet|title=In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snap's Market Value|date=2018-02-22|work=Bloomberg.com|access-date=2018-03-06|language=en}}{{Cite news|url=https://money.cnn.com/2018/05/01/technology/snapchat-user-growth-redesign/index.html|title=Snapchat user growth stagnant amid redesign backlash|last=Fiegerman|first=Kaya Yurieff and Seth|work=CNNMoney|access-date=2018-07-21}}{{Cite news|url=https://www.businessinsider.com/snaps-daily-active-users-flatlined-then-fell-in-the-first-quarter-2018-5|title=Snapchat users hate the redesign so much, it could have turned away millions of users|last=Wolverton|first=Troy|date=2018-05-02|work=Business Insider Australia|access-date=2018-07-21|language=en|archive-date=2018-07-21|archive-url=https://web.archive.org/web/20180721103137/https://www.businessinsider.com.au/snaps-daily-active-users-flatlined-then-fell-in-the-first-quarter-2018-5|url-status=live}}{{Cite news|url=https://deadline.com/2018/05/snap-inc-snapchat-slowest-growth-earnings-stock-plunges-1202380663/|title=Snap Inc. Posts Slowest Quarterly User Growth In Its History; Shares Plunge|last=Hayes|first=Dade|date=2018-05-01|work=Deadline|access-date=2018-07-21|language=en-US}} Growth of daily active users slowed in Q1 2018, and the growth rate for Q2 2018 was "planned to decelerate rapidly from Q1 levels."{{Cite news|url=https://www.gizmodo.com.au/2018/05/older-users-seem-to-like-the-new-snapchat-and-thats-about-the-only-good-news-snap-shared-today/|title=Older Users Seem To Like The New Snapchat, And That's About The Only Good News Snap Shared Today|date=2018-05-02|work=Gizmodo Australia|access-date=2018-07-21|language=en}} Snap, Inc. has commented on the redesign, saying, "We have also started to realise some of the positive benefits [of the redesign], including increased new user retention for older users." Some publishers feel the turn towards the older demographic spells the end for the app.{{Cite news|url=https://www.fool.com/investing/2018/03/09/forget-snapchats-redesign-this-trend-may-kill-the.aspx|title=Forget Snapchat's Redesign, This Trend May Kill the App|last=Duprey|first=Rich|work=The Motley Fool|access-date=2018-07-21|language=en}}

In a December 2020 announcement, Google Cloud confirmed the development of the memorandum of understanding (MoU) it signed with Saudi Aramco. The update stated the possibility of exploring options to establish cloud services in Saudi, where it confirmed storing Snapchat data. The decision was contested by Access Now, a non-profit organization, and CIPPIC, a Canadian public interest technology law clinic. The firms objected to Google's decision of choosing Saudi Arabia as its new Google Cloud region overlooking an alarming record of human rights abuse and longstanding surveillance accusations. The firms claimed that placing the personal information of millions of Snapchat users there would put it under the jurisdiction of the government of Saudi Arabia, jeopardizing the security of the data.{{cite web|url=https://cloud.google.com/blog/products/infrastructure/google-cloud-announces-new-regions|title=Expanding our global footprint with new cloud regions|access-date=21 December 2020|website=Google Cloud Blog}}{{cite web|url=https://twitter.com/accessnow/status/1354474101574918147|title=Access Now – Twitter|access-date=27 January 2021|website=Twitter}}{{cite web|url=https://www.accessnow.org/google-cloud-in-saudi-arabia-human-rights-concerns/|title=No to the new Google Cloud in Saudi Arabia: Access Now, CIPPIC flag serious human rights concerns|access-date=26 January 2021|website=Access Now}}

In June 2024, Snap paid $15 million to settle a lawsuit brought by the California Civil Rights Department alleging that the company discriminated against female employees with respect to pay and promotions, failed to prevent workplace sexual harassment, and retaliated against women who complained.{{Cite web |last=Rodriguez |first=Olga R. |date=2024-06-19 |title=Snapchat Inc. to pay $15 million to settle discrimination and harassment lawsuit in California |url=https://apnews.com/article/california-snapchat-harassment-lawsuit-settlement-7fd5bf7539e95578b47bf6e85ffc2f9c |url-status=live |archive-url=https://web.archive.org/web/20240619225424/https://apnews.com/article/california-snapchat-harassment-lawsuit-settlement-7fd5bf7539e95578b47bf6e85ffc2f9c |archive-date=2024-06-19 |access-date=2024-07-02 |website=AP News |language=en}}{{Cite web |last=Roth |first=Emma |date=2024-06-20 |title=Snap agrees to pay $15 million to settle gender discrimination lawsuit |url=https://www.theverge.com/2024/6/20/24182303/snap-gender-discrimination-settlement-california |url-status=live |archive-url=https://web.archive.org/web/20240620135021/https://www.theverge.com/2024/6/20/24182303/snap-gender-discrimination-settlement-california |archive-date=2024-06-20 |access-date=2024-07-02 |website=The Verge |language=en}}

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• {{official|https://snap.com/}}{{Finance links

| symbol = SNAP

| sec_cik = 0001564408

| google = SNAP:NYSE

| yahoo = SNAP

| bloomberg = SNAP:US

| reuters = SNAP

| nasdaq = SNAP

}}

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