Snapchat’s chief of strategy, Imran Khan, announced plans to leave the company, according to a document filed Monday. The company said that Khan will remain in office for an interim period, and that Snapchat does not leave due to disagreements with other executives, but the reasons no longer matter, because many executives are leaving the company.
The shares of Snap Inc. (SNAP), Snapchat’s parent, fell more than 2% on Monday and are now trading in single digits. This action reached a record low last week and has fallen more than 40% from the initial offer price last year of $ 17 per share, a sign of the loss of direction of a company that seemed willing to rule the world.
While they remain determined to release their glasses, and insist with their controversial redesign of the application, Facebook and Instagram continue to advance with the temporary stories, which gave Snapchat fame, and it seems that it will be difficult to regain the throne in its category.
Now investors have to put their faith almost entirely into Evan Spiegel and its co-founder, Bobby Murphy, who is also the firm’s chief technology officer. That’s because the shares of Snapchat listed on the New York Stock Exchange do not have the right to vote. All of Snapchat’s voting shares are held by Spiegel and Murphy, so it’s not exactly an investor democracy.
The problems grow, Snapchat does not seem to have solutions, and younger users are adopting Instagram, leaving aside the app that occupied the home page of millions of phones until recently.