Snapchat plans IPO
Evan Spiegel, Snapchat's co-founder and chief, said on Tuesday the company was preparing for an initial public offering (IPO).
"We need to IPO. We have a plan to do that," he said during a talk at an annual Re/code conference in Rancho Palos Verdes, Calif.
Spiegel also commented on the current tech bubble, and said there was no doubt it would burst.
"I think that people are making riskier investments and...there will be a correction," he said. "It's definitely something we factor into our plans."
Spiegel said that his company now aims to go beyond messaging and become a next-generation media business.
“I’m not a great manager,” Spiegel said on stage. “I try to be a great leader.”
The company, launched four years ago, has managed to become one of the most popular social media network, with nearly 100 million users a day. Facebook has nearly 936 million, and Twitter nearly 300.
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