Snap CFO Tim Stone Is Resigning • Hacker News Board

Re: Snap CFO Tim Stone Is Resigning

#61

Post by kuhhk » Wed, Jan 16, 2019, 6:36 AM UTC

harryh wrote: post #39

umeshunni wrote: post #38

While Snap's poor product decisions and failing business are constantly called out in the media, what I don't see covered as much about the company is that their executives managed to massively enrich themselves by paying themselves huge bonuses right before the IPO and subsequent stock collapse. Their "Chief Strategy Officer" Imran Khan: $100M+ https://www.businessinsider.com/snap-ceo-evan-spiegel-cfo-im... CEO Evan…

My understanding is that Evan's bonus was agreed upon years in advance when Snapchat turned down FB's various offers. The investors, represented by the board, wanted him to go for a large, somewhat risky, IPO instead of taking a sure thing and incentivized Evan to do so.

If true, this should be in their S-1 SEC filing right?

Re: Snap CFO Tim Stone Is Resigning

#62

Post by kuhhk » Wed, Jan 16, 2019, 6:38 AM UTC

EwanToo wrote: post #60

joegahona wrote: post #44

Earlier quoted context omitted.

Mike Elgan wrote a post about this: https://elgan.com/blog/how-to-replace-facebook-with-nicebook Perhaps Google will quietly sunset their Photos product in the next fiscal year...

Hopefully given the launch of Google One, someone inside Google is committed to this product set...

Everyone is committed to a product, until they get their level promotion and switch roles.

Re: Snap CFO Tim Stone Is Resigning

#63

Post by umeshunni » Wed, Jan 16, 2019, 6:59 AM UTC

kuhhk wrote: post #61

harryh wrote: post #39

Earlier quoted context omitted.

My understanding is that Evan's bonus was agreed upon years in advance when Snapchat turned down FB's various offers. The investors, represented by the board, wanted him to go for a large, somewhat risky, IPO instead of taking a sure thing and incentivized Evan to do so.

If true, this should be in their S-1 SEC filing right?

It is in their S-1 (page 135): https://www.sec.gov/Archives/edgar/data/1564408/000119312517...

What's interesting is that these execs, including the founder/CEO got renegotiated packages just before the IPO.

Re: Snap CFO Tim Stone Is Resigning

#64

Post by paulie_a » Wed, Jan 16, 2019, 7:06 AM UTC

I can't believe an app that is primarily meant for sharing nudity and more recently brand whoring had an IPO.

Oh I forgot about adding weird furry ears to photos for some reason.

Re: Snap CFO Tim Stone Is Resigning

#65

Post by doodliego » Wed, Jan 16, 2019, 8:14 AM UTC

foobaw wrote: post #28

Is Snap actually dying? I recall there were similar news for Apple, Facebook(debatable on their current state) etc, but they rebounded back up. Maybe this is the time to buy low and make it big (when everyone is doubting them). It'll be interesting to see.

What bizarre comparisons! Apple has always sold sought-after physical products for profit. FB for all its crime makes incredible income through paid advertising. Snap is a dot-com gusher bleeding red ink.

Re: Snap CFO Tim Stone Is Resigning

#66

Post by airza » Wed, Jan 16, 2019, 9:21 AM UTC

Mizza wrote: post #2

Snap is the living dead now. No users left after boneheaded redesign, all their ads running are promoting their competitors, employees I know are basically pulling the copper wire out of the walls. Abandon ship! Also, will somebody please make a simple private picture app for grown-ups? I'd love to be able to share stuff with my sig other/parents/grandparents - and that's it. I can't recommend SnapChat in the state i…

Signal!

Re: Snap CFO Tim Stone Is Resigning

#67

Post by eeeeeeeeeeeee » Wed, Jan 16, 2019, 3:35 PM UTC

rconti wrote: post #6

Mizza wrote: post #2

Snap is the living dead now. No users left after boneheaded redesign, all their ads running are promoting their competitors, employees I know are basically pulling the copper wire out of the walls. Abandon ship! Also, will somebody please make a simple private picture app for grown-ups? I'd love to be able to share stuff with my sig other/parents/grandparents - and that's it. I can't recommend SnapChat in the state i…

I have about 10 family members on an Apple Photos shared album, whatever the latest name is. iCloud, probably. Not cross-platform though, obviously.

Yep, same here. After the latest iOS updates my entire family has been using it a lot more.

I just wish it was cross platform. Seems like a good way to creep people into the Apple ecosystem.

As others have mentioned, Google Photos works pretty well, even on iOS, but I have zero trust that Google will commit to it for more than a year or radically change the functionality.

Re: Snap CFO Tim Stone Is Resigning

#68

Post by eeeeeeeeeeeee » Wed, Jan 16, 2019, 3:39 PM UTC

foobaw wrote: post #28

Is Snap actually dying? I recall there were similar news for Apple, Facebook(debatable on their current state) etc, but they rebounded back up. Maybe this is the time to buy low and make it big (when everyone is doubting them). It'll be interesting to see.

The company seems near dead and still headed in the wrong direction. Every feature they have can be replicated by others, as shown by Instagram. Or there is no reason some new upstart for younger people can not replicate it.

Snapchat seems obsessed with those snap glasses too. They were a failure on the first release and they still seem to be pushing it to this day as a big part of their strategy. I don’t think consumers are ready to commit to a wearable like that, at least not yet.