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Meet 26-year-old billionaire and Snap CEO Evan Spiegel, who just filed a $3 billion IPO
For an entrepreneur who has built a social media empire on the idea that people like to share what’s going on in their lives immediately and often, Evan Spiegel is obsessed with privacy.
He doesn’t give much away. He doesn’t tweet or post on Instagram. In fact, the easiest way to find pictures of Spiegel online is to follow his fiancee, Australian model Miranda Kerr.
But the 26-year-old co-founder and CEO of Snap, the parent company of the social media platform Snapchat and the wearable tech company Spectacles, last night had to reveal a whole lot about corporate finances. Spiegel took the first step towards taking his start-up public.
Filing an “S-1” document is a big first step. It means letting people buy shares of stock in the company, and by doing so Snap is trying to raise $3 billion. When the company does go public, it is expected to be valued at around $25 billion.
That means Spiegel and his co-founder Bobby Murphy, who both own 20 percent of the company, could be worth $5 billion each.
The tech start-up’s filing yesterday broke with convention in a couple of ways. It stated that the company may never be profitable. And Spiegel used the opportunity to take a pot shot at Mark Zuckerberg by saying Instagram’s new “stories” feature was a ripoff of the Snapchat user experience.
Snap’s irreverence in its public filing is in line with the way Spiegel has run Snap, as well as his own life. To begin with, the company is located in Venice Beach, Calif., not Silicon Valley.
“We love LA, our office is on the beach, and that’s pretty nice,” Spiegel said at a reCode conference in 2015. “Frankly, for us, it’s nice to get a little space from everything going on there, so we can really focus on our business.”
Spiegel, the son of two successful lawyers, grew up privileged in Los Angeles. In high school, he wrote out a budget to convince his parents that he deserved a monthly allowance of almost $2,000.
Spiegel dropped out of Stanford when he was just a few credits shy of graduating to work full-time on Snapchat. In 2014, a cache of leaked emails between Spiegel and his fraternity brothers when he was in college at Stanford revealed a brutish, offensive attitude towards women. He has since apologized.
In 2013, Facebook tried to buy Snapchat for $3 billion. Then only 23 years old, Spiegel refused the offer. The media response was incredulous. A college dropout shut the door in Zuckerberg’s face? Why? According to a Forbes profile, Spiegel said, “There are very few people in the world who get to build a business like this. I think trading that for some short-term gain isn’t very interesting.”
In a 2015 address delivered at the USC Marshall Undergraduate Commencement, Spiegel framed his decision somewhat differently. “I’m asked one question most often: ‘Why didn’t you sell your business? It doesn’t even make money. It’s a fad. You could be on a boat right now. Everyone loves boats. What’s wrong with you?'”
But, he said, “I am now convinced that the fastest way to figure out if you are doing something truly important to you is to have someone offer you a bunch of money to part with it.”
Spiegel intended Snapchat to be the social media platform where users can live in the moment as their more authentic, unpolished selves.
“This traditional social media view of identity is actually quite radical: You are the sum of your published experience. Otherwise known as: Pics or it didn’t happen. Or, in the case of Instagram, beautiful pics or it didn’t happen AND you’re not cool,” Spiegel said in a speech he delivered to the AXS Partner Summit conference in 2014.
“Snapchat says that we are not the sum of everything we have said or done or experienced or published. We are the result,” he said. “We are who we are today, right now.
“We no longer have to capture the ‘real world’ and recreate it online. We simply live and communicate at the same time.”
His idea has resonated. Snapchat sees 161 million daily active globally, with 60 million of those in the United States and Canada. Those users spend between 25 and 30 minutes a day on the platform.
s a manager, Spiegel says he knows he has some work to do. He’s decisive, but he changes his mind frequently.
“I’m not a great manager. I try to be a great leader. And for me that’s been going through a process of, not how to be a great CEO but how to be a great Evan, and that’s really been the challenge,” Spiegel said at the reCode conference.
And he’s had to move fast, since the industry does.
“I think the key thing there, in all that, is just trying to grow as quickly as possible,” Spiegel said. “Again, I probably can’t say this enough, but we’re in a business that is growing really, really quickly, and at the same time evolving and changing really, really quickly.”
In his commencement address, Spiegel also reflected thoughtfully on why he participated in his Stanford graduation ceremony, even though he hadn’t completed enough coursework to graduate.
Source: cnbc.com
…As House C’tte on NASENI Lends Its Support
The Executive Vice Chairman/Chief Executive Officer, National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu, has assured the House of Representatives Committee on NASENI that the Agency’s branded commercial products that have been unveiled are market ready and SON certified.
Mr. Halilu disclosed on Thursday in Abuja when the House Committee on NASENI paid an oversight visit to the Agency’s Headquarters to inspect its products and projects towards robust research in technological advancement in Defense/Security Sector, Agricultural Sector, Infrastructural Sector and other areas of human endeavours.
Among the recently unveiled products include NASENI Laptop, Android Smartphone, Lithium Battery, LED Solar Street Light, Solar Irrigation System, Electric Bicycle, Electric Keke and Keke Cargo. The EVC used the visit to showcase two NASENI electric vehicles (EV) to the lawmakers.
According to Halilu, NASENI has been at the forefront of driving Nigeria’s technological advancement and industrialization. “Over the past few months, we have implemented several key initiatives aimed at transforming our operations from primarily research-based activities to the commercialization of our products and services.
“This transformation is essential for us to contribute more effectively to the national economy and to achieve sustainable development goals,” he said, adding that 85 per cent of NASENI projects are on counterpart funding. “We don’t want to invest alone in what we do and that is why we work with our 3C’s principle of Collaboration, Creation and Commercialization, thereby engaging the services of private sector by partnering with them to ensure that we deliver on our mandate.
He stated that about 35 products of NASENI under his watch are market ready. “We are ready for Nigerian market and we want the honourable members to be our first ambassadors. Also, we are establishing show-rooms in all the 36-states of the federation for marketing of our products. Every activity we do, we have commercial plan. We don’t want our products to end up in shelves, but to get to the end users”, he stated.
Highlighting on achievements NASENI has made so far, the EVC/CEO listed some of them to include: Innovation and Research Development, Product Commercialization, Renewable Energy Projects and Capacity Building. He however, called on the lawmakers to keep supporting NASENI to deliver to the nation, especially in creating jobs for teaming Nigerian youths.
In his speech, the Chairman, House Committee on NASENI, Hon. Otunba Abimbola Ajilesoro, said the essence of the oversight visit is to have an opportunity to interact with the Agency towards robust research in technological advancement in Defense/Security Sector, Agricultural Sector, Infrastructural Sector and other areas of human endeavours, adding that it will in turn save and bring in much needed foreign exchange that will impact positively on the economy.
He pointed out that the committee has been following the activities of the Agency. “We have been hearing NASENI branded products, NASENI Laptops, NASENI Android Smartphone, NASENI Lithium Battery, NASENI LED Solar Street Light, etc. The Committee deems it necessary to see for ourselves, these products and other technologies that will enhance Nigeria’s economy.”
Speaking on the mandates of the NASENI Development institutes, he assured NASENI of the Committee’s readiness to support it in the areas of Appropriation and Legislative framework that will strengthen the Establishment Act to enable the Agency deliver effectively.
“However, while the committee will continually give all necessary support periodically, it will demand for accountability and value for money in the implementation of the lofty programmes embedded in the mission and vision of the Agency. This would enable us expand, deepen and create an enduring part for a sustainable technological advanced Industrial hub within the country of Nations”, he affirmed.
Today April 29th is a special day. It is the birthday anniversary of Otunba Dr. Mike Adenuga, Chairman of Globacom and Conoil PLC, amongst other flourishing companies who turn 71 years old. A special gift to Nigeria, Dr. Adenuga is a colossus. He is renowned for his business acumen.
When it is comes to business, he’s got the vision. He can see good fortune light years ahead while others are still pandering whether it is feasible. Dr. Adenuga is unafraid to venture where others fear to tread. Fondly called ‘The Bull’ for his fearless and zeal to take “No” for an answer, he’s got this Midas touch that is unparalleled.
Oil, Gas Transformations
He transformed the face of Nigerian oil, banking, and telecommunications industries. In 1991, when oil mining and production was controlled by foreign multinational oil companies, Dr. Adenuga’s indigenous oil company was the first to start drilling crude oil. Today, Conoil has metamorphosed into one of the largest African-owned oil conglomerates on the continent with footprints in the upstream, midstream and downstream of the oil and gas sector.
His forays into the bank industry are well documented where he brought a fresh energy and bespoke financial services with Devcom Merchant Bank and Equatorial Trust Bank (ETB) which later merged into Sterling Bank.
Changing Telecom Services Narrative
If there is anyone who has single-handed transformed Nigerian telecommunications industry, that person is no other than Dr. Adenuga. His tenacity to recover his Digital Mobile Licence (DML) which his company won in 2001 mobile auction but was illegally taken away from him, paid off in 2003 when his company Globacom won the Second National Operator (SNO) licence.
In September 2003, Globacom transformed the Nigerian telecoms market in particular and Africa in general being the first Global System for Mobile Communication (GSM) operator to launch operations with Per Second Billing, Multimedia Service (MMS), Mobile Internet, in additional to plethora of communications suites.
Glo crashed the price of Subscriber Identification Module (SIM) card, leaving other foreign mobile networks scratching their heads in the GSM wars that changed the face of telecom, bringing down the price of SIM Card from N50,000 down to N100 and later to One Naira (N1) only.
Millions of Nigerians became overnight owners of mobile phones lines courtesy of the competition engendered by Glo. Every major step Glo took from the day it commenced operation, other mobile competitors were jittery, helpless and followed the initiative in other to remain in the market.
After establishing the footprints of Glo in Nigeria, Dr. Mike Adenuga (Jr.), also took the telecom giant to Ghana and Benin Republic with mobile operating licences in those countries. Unsatisfied with the routing of calls from Africa countries to Europe then to Africa, he built Glo-1, the first submarine cable system that was solely financed by an individual. Today, Glo-1 links global telecom networks, data centres, banks and Interconnect houses.
Globacom unfazed has going a notch higher with Glo-2 ensuring that Nigerian cities, towns and villages and oil companies are connected to terrestrial fibres through its landing stations in Lagos and Niger Delta.
Digital Financial Services
Dr Adenuga, a man who can see opportunities from afar, has took the lead in procuring Super-Agent licence for Agency Banking and Mobile Money licence from the Central Bank of Nigeria (CBN) with the establishment of Glo Mobile Money and Money Master Payment Service Bank Limited, a Digital Bank delivering financial inclusion services to Nigerians especially in rural, semi-rural and urban areas thus connecting them to the formal sector.
Man flowing with Milk of Human Kindness
The humanitarian side of this famous Nigerian billionaire is incomparable. Although, coming from a middle-class family, Dr. Mike Adenuga’s (Jr.) academic sojourn in the United States of America and the everyday life lessons internalized from his parents, Chief Michael Agbolade Adenuga (Snr) and Madam Oyindamola Adenuga, shaped his worldview and brought out his humane side in the way he deals with people and businesses.
He has been a major supporter of sports, especially football (Nigerian national teams). He has massively sponsored the Confederation of African Football (CAF) Awards for many years. He was honoured the title of Pillar of Football in Africa for his strong support for African Football at both national and continental. He has quietly rendered support to many without seeking media attention.
Through him, Glo sponsors the annual Ojude Oba festival in Ijebuland and also the Ofala festival in Onitsha, Anambra amongst others, promoting Nigeria’s rich culture.
Humble Beginnings
A man of outstanding wisdom, Dr. Mike Adenuga (Jr.) was born Michael Adeniyi Agbolade Ishola Adenuga on April 29, 1953 at Ibadan, Oyo State. His father was a school teacher while his mother was an outstanding businesswoman.
Dr. Adenuga (Jr) is an alumnus of the famous Ibadan Grammar School, North Western State University, Alva Oklahoma; and Pace University, New York, both in the United States of America where he majored in business administration with emphasis in marketing. As a student in the USA, he supported himself with jobs as a taxi driver and security guard.
Dr. Mike Adenuga (Jr) is a visionary leader, an outstanding entrepreneur and and manager of people and resources. He is a man of uncommon intellect and wisdom have helped him overcome difficult times. Today, he sits atop a vast telecom, oil and gas (Conoil), banking and real estate investments.
As Dr. Mike Adenuga (Jr) clocks 71 years on Monday April 29th, 2024, SiliconNigeria.ng wishes him a marvelous birthday and many happy returns in good health in the service of the fatherland.