Snap founders won’t sell shares despite plummeting price


Snap has an awful Q2 earnings report… but at least its dancing AR hot dog was viewed 1.5 billion times. To prove their confidence, co-founders Evan Spiegel and Bobby Murphy have agreed not to sell any shares this year, and the company will withhold shares they’re owed to pay for any necessary taxes. Of course, there are only five months left in the year, so this isn’t exactly a long-term lock-in.

One concrete metric announced was that Snap generated $5.4 million in “Other” revenue, which would equate to around 41,500 pairs of its Spectacles camera sunglasses at a $130 price point. That’s compared to $8.3 million in Q1 and $4.5 million in Q4.

Snap glossed over its shortcomings in user count and revenue to focus on several vanity metrics during its earnings call:

  • The…

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