Snapchat Wants Its Workers To Call Each Other Out For Food In Their Teeth

Snapchat CEO Evan Spiegel

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Letting a coworker know they have food stuck in their teeth might be “a little awkward,” but that kind of candor is an important facet of the creative culture at Snapchat, the social app&;s parent company revealed on Thursday.

The company, Snap, offered this detail as part of a legal prospectus it filed in anticipation of its IPO. The document, geared toward prospective investors, contained financial information and warnings about possible risks, as well as a series of diagrams showing how to navigate Snapchat&039;s sometimes-baffling interface. But some of the most intriguing disclosures pertained to the culture of the famously secretive company.

Like many tech startups, Snap sees itself as more than just a place where workers punch a clock and collect a paycheck. Instead, the company says, working at Snap means adhering to a particular code of values and beliefs.

“Our team is kind, smart, and creative,” the IPO prospectus reads. “When we say &039;kind,&039; we mean the type of kindness that compels you to let someone know that they have something stuck in their teeth even though it’s a little awkward.”

“We care deeply about kindness because we want to create a space that helps to give our team the courage to create,” the company continued. “We think our team feels comfortable creating new things because they are surrounded by the kindness of their peers and know they have our support.”

But working at Snap doesn&039;t just mean being vigilant about your colleagues&039; oral hygiene. Given the sprawling nature of the company&039;s network of offices, the prospectus says, some employees may not even get the chance to interact at all.

While Snap&039;s main offices are in the Venice neighborhood of Los Angeles, workers are spread across “many office buildings that are dispersed throughout the city,” according to the company. Among the potential side effects? Sadness, isolation, and quitting.

“This diffuse structure may prevent us from fostering positive employee morale and encouraging social interaction among our employees and different business units,” the company says.

“Moreover, because our office buildings are dispersed throughout the area, we may be unable to adequately oversee employees and business functions,” the company continues. “If we cannot compensate for these and other issues caused by this geographically dispersed office structure, we may lose employees, which could seriously harm our business.”

Outlining risks like this is standard practice for a company preparing to go public. Another risk, the company revealed, stems from its own success.

“We have many current employees whose equity ownership in our company gives them a substantial amount of personal wealth,” Snap says in the prospectus, noting that many employees could grow even wealthier after the IPO.

“As a result, it may be difficult for us to continue to retain and motivate these employees, and this wealth could affect their decision about whether they continue to work for us,” the company says.

Still, Snap makes an effort to keep employees happy and loyal. It says it has a “Snap-a-Wish” financial support program, which in the past has provided last-minute plane tickets for an employee during a family emergency, and a rental car to an employee whose car was stolen.

In addition, Snap holds a biweekly “Council” program that lets employees “express themselves and listen to others.”

“We believe that this type of sharing teaches and reminds our team to listen and learn from those around them,” the company says.

Quelle: <a href="Snapchat Wants Its Workers To Call Each Other Out For Food In Their Teeth“>BuzzFeed

10 Big Numbers From Snapchat's IPO Filing

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Snapchat will soon be traded on the New York Stock Exchange, with its parent company Snap Inc. publishing the paperwork for its initial public offering on Thursday. The company is seeking to raise $3 billion by selling shares to investors. .

The IPO filing revealed all sorts of new information about Snap, giving the public detailed information about the financial health of the company for the first time, among other juicy details. Here are the 10 most essential details from the filing.

1. Snapchat’s daily user growth is flattening

As BuzzFeed News reported Wednesday, Instagram recently overtook Snapchat in the critical time-spent-per-user category. Snap’s filing contains even more concerning details for investors: daily active user growth is flattening, meaning the company may have hit a growth ceiling. “The growth in Daily Active Users was relatively flat in the latter part of the quarter ended September 30, 2016,” the filing said.

The flattening user growth Snap describes coincides with the rise of Instagram Stories, a near-direct clone of Snapchat’s Stories product.

2. Snap lost $514.6 million in 2016

Startups are often comfortable losing money in the pursuit of growth, and Snap is no different. The company generated $404.5 million in revenue in 2016, and reported $924.9 million in expenses. While its 2016 revenue was almost seven times greater than in 2015, Snap warned prospective shareholders that it “may never achieve or maintain profitability.”

3. Spectacles were not a big money maker

Spectacles “has not generated significant revenue for us,” Snap said in the filing. When Spectacles came out, some wondered whether the video-capturing sunglasses were a major new product for Snap or a brilliant marketing device. It seems like it might be the latter.

4. We still don’t know the valuation Snap is seeking

All the details Snap provided will help investors learn more about the company, but the key detail, the amount Snap believes it’s worth, is missing at this point — which isn’t surprising. Snap is expected to release this information in a revised prospectus in the coming weeks. If Snap aims too high, it could end up in a situation similar to Twitter, which has spent its post-IPO existence trying to live up its IPO valuation.

5. Evan Spiegel will own about a quarter of Snap.

The Snap CEO currently has a 22.4% stake, the prospectus shows. After the IPO, he’ll get a special bonus — a “CEO award” — of an additional 3% of the shares.

6. New shareholders will have no say in running the company

Snap’s founders, Spiegel and Robert Murphy, currently control a combined 88.6% of the company’s voting stock, according to the prospectus. The company is selling only one class of stock in its IPO, and these shares will have “no vote on matters submitted to our stockholders.”

“Mr. Spiegel and Mr. Murphy, and potentially either one of them alone, have the ability to control the outcome of all matters submitted to our stockholders for approval,” the IPO document says. This set-up is similar to ones used at Google and Facebook that let the company’s founders control it with little-to-no input from other investors.

7. Snapchat will spend $2 billion on Google services in the next five years

The company has committed to $2 billion of spending on Google&;s services in the next five years, and is very dependent on Google. Snap warned potential investors it has “built our software and computer systems to use computing, storage capabilities, bandwidth, and other services provided by Google, some of which do not have an alternative in the market.”

8. Spiegel borrowed $15 million from Snap last year.

The Snap CEO borrowed the $15 million in February 2016, on top of $5 million he had previously borrowed from the company, according to the prospectus. He repaid the loans before the end of the year.

9. Snap paid $890,339 to protect Spiegel last year.

The bill for the CEO’s personal security was bigger than his $503,205 salary, but not as big as his $1 million bonus.

10. Snap has been very friendly to Evan Spiegel’s dad’s law firm.

Snap has paid hundreds of thousands of dollars for legal services from the Los Angeles corporate law firm Munger, Tolles & Olson, where Evan Spiegel’s dad John Spiegel is a partner. While the elder Spiegel hasn’t done any legal work for the company, it has paid almost $650,000 for legal work in the past three years.

Quelle: <a href="10 Big Numbers From Snapchat&039;s IPO Filing“>BuzzFeed

Uber CEO Travis Kalanick Is Leaving Trump's Advisory Council

Uber CEO Travis Kalanick

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Uber CEO Travis Kalanick has dropped out of President Trump’s economic advisory council after backlash from customers that spurred a viral social media revolt and internal dissent. Uber confirmed to BuzzFeed News that Kalanick has left the group.

News of Kalanick&;s decision was first reported by The New York Times.

Kalanick&039;s decision to resign from the advisory group before its first meeting this Friday comes after a protest outside the company&039;s San Francisco headquarters the day of Trump&039;s inauguration, and after Uber was forced to automate its account-deletion process following a viral DeleteUber campaign. At an all-hands meeting with employees on Tuesday in San Francisco, Kalanick said sitting on the council would offer a better chance for Uber to affect change, sources present at the meeting told BuzzFeed News.

The DeleteUber social media revolt began Saturday night, about a day after Trump&039;s controversial executive order restricting immigration – hours after Uber had already announced it would pay drivers affected the order for three months if they could not work. Since then, many thousands of customers have deleted their accounts. Kalanick, who previously had not spoken to Trump, told employees in a memo that “Earlier today I spoke briefly with the President about the immigration executive order and its issues for our community.” Kalanick had previously described his choice to attend the first meeting of the White House advisory group as a means to express dissent against measures like the immigration ban as a voice on the inside.

Protests were scheduled to take place at Uber offices throughout the country — including San Francisco, New York and New Orleans — on Thursday; organizers in Palo Alto said those demonstrations will continue, despite Kalanick’s decision to step down as an advisor to Trump.

Here&039;s the full email Kalanick sent employees announcing his departure from the advisory group:

Dear Team,

Earlier today I spoke briefly with the President about the immigration executive order and its issues for our community. I also let him know that I would not be able to participate on his economic council. Joining the group was not meant to be an endorsement of the President or his agenda but unfortunately it has been misinterpreted to be exactly that.

I spent a lot of time thinking about this and mapping it to our values. There are a couple that are particularly relevant:

Inside Out – The implicit assumption that Uber (or I) was somehow endorsing the Administration’s agenda has created a perception-reality gap between who people think we are, and who we actually are.

Just Change – We must believe that the actions we take ultimately move the ball forward. There are many ways we will continue to advocate for just change on immigration but staying on the council was going to get in the way of that. The executive order is hurting many people in communities all across America. Families are being separated, people are stranded overseas and there’s a growing fear the U.S. is no longer a place that welcomes immigrants.

Immigration and openness to refugees is an important part of our country’s success and quite honestly to Uber’s. I am incredibly proud to work directly with people like Thuan and Emil, both of whom were refugees who came here to build a better life for themselves. I know it has been a tough week for many of you and your families, as well as many thousands of drivers whose stories are heartfelt and heart-wrenching.

Please know, your questions and stories on Tuesday, along with what I heard from drivers, have kept me resilient and reminded me of one of our most essential cultural values, Be Yourself. We will fight for the rights of immigrants in our communities so that each of us can be who we are with optimism and hope for the future.

Travis

This story is developing. Check back for updates.

Quelle: <a href="Uber CEO Travis Kalanick Is Leaving Trump&039;s Advisory Council“>BuzzFeed