Expertise trickles out of Snapchat as Timehop founder leaves
Lower than a yr after becoming a member of Snapchat, social media nostalgia app Timehop’s founder Jonathan Wegener is departing the corporate. He tells TechCrunch he desires to construct his personal factor once more, however the truth that the No. 1 teen social community isn’t thrilling sufficient to remain at is telling.
Share costs are down, person development has slowed to a crawl within the face of Instagram’s competitors and it’s lacking income targets. Reviews more and more point out Snap is a troublesome place to work, dominated by CEO Evan Spiegel with an iron fist, and run by his inside circle even once they lack expertise. SVP of Engineering Tim Sehn, early worker Chloe Drimal, VP of HR and Authorized Robyn Thomas and VP of Securities and Amenities Martin Lev have all parted methods with Snap since July.
A tipster pointed to Wegener’s Twitter bio noting he’d left Snapchat. We requested Wegener why he’s leaving and he informed TechCrunch “I had an amazing yr at Snap — love the product, group, and discovered a ton. However in the end I’m most enthusiastic about constructing corporations and merchandise from scratch, and I made a decision to take a while off to journey and be impressed earlier than I get again into the swing of issues in 2018. Maintain a watch out subsequent yr.”
Timehop had raised $14 million from buyers for its app that confirmed your social media posts from that day in years previous. It had 6 million every day customers by 2014. However Fb cloned it with its “On This Day” function in 2015, which had grown to 60 million every day guests by 2016. A Timehop redesign bombed and Wegener left in January 2017 to go to Snapchat.
There he should have discovered a equally grim state of affairs. Additionally cloned by Fb and its subsidiary Instagram, Snapchat had misplaced momentum. The Snapchat Reminiscences function most much like Timehop noticed little evolution this yr. Inventory he was promised certainly has a a lot decrease worth now than Wegener might need suspected earlier than the hyped March IPO. And combating a colossus in a crowded area sounds lots much less enjoyable than beginning one thing recent.