Apple event overshadows unflattering news at Snapchat, Tinder
1–10 of 115 posts
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#2As a co-founder who got screwed on a large acquisition, it makes me happy to see that Snapchat finally settled. However, a settlement doesn't change the fact that Evan Spiegel really went out of his way to intentionally screw the guy that actually invented Snapchat's model - and seemed to enjoy doing it. He's definitely not someone I'd ever do business with.
http://www.businessinsider.com/snapchat-lawsuit-video-deposi...
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#3As a co-founder who got screwed on a large acquisition, it makes me happy to see that Snapchat finally settled. However, a settlement doesn't change the fact that Evan Spiegel really went out of his way to intentionally screw the guy that actually invented Snapchat's model - and seemed to enjoy doing it. He's definitely not someone I'd ever do business with. http://www.businessinsider.com/snapchat-lawsuit-video-depos…
[deleted]
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#4As a co-founder who got screwed on a large acquisition, it makes me happy to see that Snapchat finally settled. However, a settlement doesn't change the fact that Evan Spiegel really went out of his way to intentionally screw the guy that actually invented Snapchat's model - and seemed to enjoy doing it. He's definitely not someone I'd ever do business with. http://www.businessinsider.com/snapchat-lawsuit-video-depos…
What's more frightening to me is how many VCs and other investors who went along with the charade and did not care that this criminal was a representative of them.
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#5Seems a bit comical that the article claims this to be the first disappearing photo app. I created and launched one myself a year before Snapchat started...
The normal way for start founders to receive equity, is only from one or more of these 3 things:
- For hours worked, based on the vesting and usually the hours must be beyond the cliff or you get nothing.
- If you built a crucial part of the IP that the company needs to buy from you with equity.
- Cash invested up front - less common.
He fulfilled none of those. Not even close to being a cofounder. Ideas aren't included among those.
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#6As a co-founder who got screwed on a large acquisition, it makes me happy to see that Snapchat finally settled. However, a settlement doesn't change the fact that Evan Spiegel really went out of his way to intentionally screw the guy that actually invented Snapchat's model - and seemed to enjoy doing it. He's definitely not someone I'd ever do business with. http://www.businessinsider.com/snapchat-lawsuit-video-depos…
[deleted]
That's all totally besides the point. The suit argued that there was a verbal agreement on three equal shares and that the plaintiff was cut out of the deal when the other two co-founders went and created a new company split 60/40 between them.
I may be mis-interpreting all this but if that's true then that alone would likely be enough to give him a very credible claim.
You receive equity because you have agreed to receive that equity in return for something, whatever that something is. If after that the other party breaks that agreement in some way then you can sue them for breach of contract. If the agreement is only verbal then it will be an uphill battle but in these days of email, text messages and skype an awful lot of that stuff is logged to the point where it could be used to support the existence or non-existence of such a verbal agreement.
So whether to you he's 'not even close to being a co-founder' is not important, what mattered is that they apparently agreed that he was a co-founder and would get an equal share in the to be formed company.
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#7As a co-founder who got screwed on a large acquisition, it makes me happy to see that Snapchat finally settled. However, a settlement doesn't change the fact that Evan Spiegel really went out of his way to intentionally screw the guy that actually invented Snapchat's model - and seemed to enjoy doing it. He's definitely not someone I'd ever do business with. http://www.businessinsider.com/snapchat-lawsuit-video-depos…
What's more frightening to me is how many VCs and other investors who went along with the charade and did not care that this criminal was a representative of them.
Investors in general have limited say in what the founders arrange amongst themselves. For all we know the settlement was reached after pressure from investors or maybe the exact opposite happened.
I'm an investor in a small company (You could cynically conclude that that was done to protect our investment (and that might even be the right conclusion).
What founders have been up to is not always immediately clear when you invest, sometimes the proverbial skeleton in the cupboard can be hidden quite well. I make a living digging such stuff up so I was fairly well prepared but the degree to which these things can blow up still surprised me.
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#8Seems a bit comical that the article claims this to be the first disappearing photo app. I created and launched one myself a year before Snapchat started... The normal way for start founders to receive equity, is only from one or more of these 3 things: - For hours worked, based on the vesting and usually the hours must be beyond the cliff or you get nothing. - If you built a crucial part of the IP that the company n…
Gah I hate it when people delete comments and then repost them elsewhere in the thread.
I wrote a longish answer to your comment here:
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#9Seems a bit comical that the article claims this to be the first disappearing photo app. I created and launched one myself a year before Snapchat started... The normal way for start founders to receive equity, is only from one or more of these 3 things: - For hours worked, based on the vesting and usually the hours must be beyond the cliff or you get nothing. - If you built a crucial part of the IP that the company n…
You're right, of course, but if young and stupid entrepreneurs say something like "We'll split the company evenly between us" and any semblance of work happens then there will eventually come a day when they'd told that the law does not treat that statement as a code comment. Triply so if they are just smart enough to cut themselves and memorialize their agreement on paper.
Re: Apple event overshadows unflattering news at Snapchat, Tinder
#10Seems a bit comical that the article claims this to be the first disappearing photo app. I created and launched one myself a year before Snapchat started... The normal way for start founders to receive equity, is only from one or more of these 3 things: - For hours worked, based on the vesting and usually the hours must be beyond the cliff or you get nothing. - If you built a crucial part of the IP that the company n…
Maybe out of topic, but I'm curious what happened to your app and how did it do in that one year.