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Snap stock falls as alleged CEO comments rile some on social media

20 April, 2017, 06:10 | Author: Nadine Todd

Given Facebook has close to 1.8 billion users, a revamped camera app with augmented reality features will only boost usage for the social network, and could further endanger Snapchat's future.

The Twitter-verse is exploding over a tweet made my Mukesh Ambani in response to alleged comments made by Snap CEO Evan Spiegel about not prioritising growth in countries like India and Spain because of them being "poor" countries.

"This app is only for rich people", said Spiegel, according to Pompliano.

The case in question is a lawsuit made by a former employee, Anthony Pompliaono who left the company in 2015. Among a litany of allegations against Snap, Pompliano says that CEO Evan Spiegel once shot down his suggestion to pursue growth in certain global markets.

The dip put Snap on track to close at its lowest level in almost a month, a bad sign following its $3.4 billion public listing that was the hottest by a technology company in three years.

Snap points out that its Snapchat app is a free download, available to everybody.

Responding to the outrage that has followed in India, Snap's spokesperson shared with media, "Obviously, Snapchat is for everyone!"

In a statement Snap said: "Those words were written by a disgruntled former employee".

Soon after Evan made this statement, a hashtag #boycottsnapchat started trending on Twitter urging users to uninstall the app. Adnan too took to Twitter and shared with his fans that he has done his bit.

According to a TechCrunch report, Zuckerberg had this to say, "I think one thing that people probably don't think about as much as we do is innovation to serve everyone in the community, not just the high end, right?"

"This rather looks like a fake database compiled from previously leaked databases, such as LinkedIN, or a minor data breach from a particular Snapchat server or employee's device".

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