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Snapchat CEO: ‘We need to IPO’

evan spiegel snapchat
evan spiegel snapchat

SuccessStories.com

Evan Spiegel, CEO of Snapchat

Snapchat CEO Evan Spiegel doesn’t plan on getting acquired, he said on stage at Re/code’s Code Conference Tuesday evening

We need to IPO,” he said. “We have a plan to do that.”

Unsurprisingly, he wouldn’t give any sort of details or timeline, but he also said that the company didn’t plan on getting acquired. 

Snapchat famously turned down a $3 billion offer from Facebook in 2013. Spiegel says that the company isn’t interested in entertaining other potential buyers. 

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When interviewers Walt Mossberg and Kara Swisher asked Spiegel about the benefits of staying independent, he said with a laugh that it was “more fun that way.” 

Right now, Snapchat has a sky-high valuation of $15 billion. When grilled on whether or not he thinks there’s a bubble in Silicon Valley, Spiegel admitted that he thinks that there is. And that it’s only a matter of time before it bursts. 

“People are making riskier investments,” he says. “I think there will be a correction. As for when, we don’t know, but we factor that into our plans.”

Spiegel says that right now Silicon Valley is prone to easy money — Snapchat itself has raised more than $800 million — thanks to low interest rates, which reduces the return on safer investments.

This isn’t the first time Spiegel has said that he thinks a correction in the tech industry is inevitable — though he won’t guess when the day will come. 

“If I knew exactly when, I could make a lot of money,” he said. 

NOW WATCH: It’s dangerously easy to record Snapchats without the other person knowing


The post Snapchat CEO: ‘We need to IPO’ appeared first on Business Insider.