That's not my opinion, just to be clear. That's the assessment of Valleywag, and the crew over there really don't like this guy. It's a popular app among WSO monkeys, so I thought you guys might get a kick out of this hit piece on Evan Spiegel, the 22-year old at the helm of the $800 million juggernaut.
One thing that might surprise you is that Spiegel used homeless people as beta testers for SnapChat. For some reason, that just cracks me up. But that's not why he's getting the majority of the hate from Valleywag. It seems they disapprove of the silver spoon he had implanted in his rectum at birth.
At issue is the fact that he was given a new Cadillac Escalade at 16, that he more or less blackmailed his parents into a new BMW as compensation for the emotional damage wrought by their divorce, that his father bought his way into Stanford (despite the two of them being estranged at the time), that he treated himself to a Ferrari after a venture round, and that he's attempting to screw his frat brother out of his rightful stake in the company.
So I ask you guys: is this just another example of hating on a rich kid because he was born with a better pot to piss in than you were? Or is this a legitimate criticism? Does it even matter to you that this 22-year old has never (and will never) experienced the culinary delight that is Top Ramen?
Do we hate this kid or what?
sounds more like bad parenting 101
I have no evidence to suggest that I would act any differently given the circumstances.. that's the hard part for me to hate someone like this. That being said, yes I do hate him, mostly because I'm jealous he gets to see ALL the nudies flying around on snapchat.
The dude came up with a great idea and whether it was actually his or not is irrelevant because legally, it is his. I have to say, I get more and more annoyed with people who discount others because of their upbringing. The whole thought process behind demeaning someone because they grew up with shiny objects is so backwards and fueled by jealousy. Whether or not he had extra privileges, he's running an $800 million company and went to Stanford. +1 for him.
All of us, on this website especially, are on a never-ending quest for the big bucks.
To quote a certain @Matrick's signature: "I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing."
Well guess what guys, at some point in time a bun pops out of the oven and you have a little shit (Evan Spiegel) running around. Hopefully, after you're "liquid". I would also bet that you're not going to leave your teenager to take care of himself, and should the opportunity present itself, you would buy him into Stanford.
I will make millions because I want to have a certain lifestyle that I will want to share with my family. If I do it right, I'll raise a grounded kid that will enjoy the occasional private jet to and from college.
You are missing the point: Timing and circumstance, factors that are completely out of ones control, enabled his success. Yes, he had a great idea. Yes I'm sure he worked hard at it too. But plenty of people with far less auspicious beginnings have great ideas too and work just as hard and get NO WHERE!! The connections and financing are the catalysts. Subsequently, with every Evan Spiegel that exits, there are thousands, just as good, that thus cannot. Your argument suggests success is a meritocracy. It's not. Not even professional sports is a meritocracy. There are various, very impacting ancillary factors that you are not considering . Factors that are just sheer luck in most instances. Such as where you are born, who you are born to.. the era you are born, who you know, etc... This reality, that usually only life's unscathed ( for now) and privileged, seem to be ignorant to , is the impetus behind this hatred of the Snapchat founder. There are probably thousands of far more brilliant guys walking around than E. Speigel... Whom will never achieve anything close to what this silver spoon has been given because they simply aren't as lucky.
I hate everyone named "Evan", so yes, it is convenient for me.
Hey now
I hope snapchat crashes and burns.
I curse his left testicle.
Disclosure: I am a staunch hater of the start-up culture and all things Silicon Valley
I am a firm believer that you play the cards you're dealt to the best of your ability and forget the rest. Obviously, this kid was dealt a full house on the flop, but I don't think that's a reason to hate the kid. And judging someone by the car they choose to drive, either luxury or not, is pretty much the height of childish stupidity in my mind. It really says more to me about the hater than the hated. So, in my mind these guys are hating on him because he was born with more than them in all likelihood.
There's something undeniably awesome, even romantic, about coming from nothing and "making it" or life kicking you square in the jaw and picking your ass up off the ground. Hell, everyone has a plan until they get punched in the face. How much do you really know about yourself until life has kicked you so many times that you legitimately don't know if you're going to be able to pick yourself up? Only then do you actually find out what you're all about. And for that reason, I guess I kind of feel sorry for the kid. Because of his privileged up bringing and the money that he's accumulated from SnapChat he'll likely never have the chance to really find out what he's made of. Of course, he probably doesn't care because he can do whatever the hell he wants for the rest of his life with no worries and I can't say for sure I'd think any differently if I was him.
Disclosure: I'm almost certain I would hate this kid with every fiber of my being should I ever meet him.
"Hell, everyone has a plan until they get punched in the face." Well done with the Mike Tyson reference haha.
I generally try to work a Tyson quote in to at least one conversation a day. Today was successful.
People like that tend to come to a bad end. Thing is, they cause a lot of damage to other people in the meantime. If he's using the law to do something unethical, then I hope he gets hit by a bus and dies a horrifying death. Personally, I take things off the record if someone is screwing me over: the one thing about grade A assholes is that they truly never expect retribution and as badass as they think they are, there's always a way to take someone down. I don't know much about this case though, and don't really care.
Other than that, he's just some dude with a lot of money who spends it on the typical toys....and I think yeah, we're all a little jealous on some leve.
He sounds like a Grade "A" loser. Don't know why so many people are defending him.
If I'm ever swimming in moolah and have kids, my plan is to buy a really shitty house and have 'em live in it. I'll stay in my own goddamned mansion surrounded by hookers and blow, and just tell the kids that daddy's never home because he has to work three jobs to support their asses. That'll get 'em to grow up with fire in the belly, for sure.
Might also make them grow up really fucked up, but hey, you can't win 'em all, right?
Or, probably get them to be successful enough to use the money they've earned to off daddykins and a few hooker casualties. And maybe if they're smart they'll earn even more to get your lawyers on their side and make some changes to the will to their benefit before your freak accident.
So partial success
While it's much easier to like someone, or at least root for someone who finds success from more humble beginnings, I'm not going to hate on someone who comes from some fairytale background who also continues to succeed (like everyone else feelings of annoyance are from jealousy). But this kid does come off like a douche - writing your folks a guilt trip letter while they're divorcing to get a bmw, really?
I think there is nothing wrong with this kid growing up privileged. I feel like America is becoming a society where people feel like they should somehow be ashamed or apologize of being born in to a family with money. What makes America great, this guy has every right to be a gigantic douchebag and not apologize for it. He obviously leveraged his circumstances to create a great company. That's awesome for him. Sounds like he needs all the money he can get to be able to get people to pretend to like him. I think the only person guys like this are doing a disservice to is themselves. He did not choose to be born into a wealthy family, but he CHOSE to be a douchebag. Its a shame, that kind of money and talent, if he was a genuinely nice and honest guy, he could probably really make a difference in our society, instead he is clearly in it for himself. If that's his cup of tea, so be it. So do I think there is something wrong with it? Not at all. I just think its sad.
Although, I dont at all agree with him trying to screw someone out of their share of the company IF they rightfully earned it. Thats messed up.
And lets be honest, we will all get a good laugh when some 17 year old kid creates a company that takes his entire user base in a year.
The kid is young and has a huge ego. Who cares, the only thing I have issue with is if he actually tied to screw his partner out of his stake. That I take issue with, taking venture money and buying a high priced car with it. Well who cares, its his money. Not to mention someone needs to slap VCs around every once in a while. I've seen too many PE and VCs come in and want to buy stakes in companies and then expect the people who sold the stake to keep that money in the company so it can grow. Fuck that shit, buyer beware. I'm not gonna give you X% of my company then use my money to grow the value of the company. If you want to pony up and buy a stake in the company, you better have the dollars to keep it growing.
I am not going to hate on him for being set up. Luck of the draw, as far as I'm concerned, for whom you get as parents. In his own messed up way, he is just trying to make the most of what he has. As far as being a douche, I'm sure if he continues, he is going to cross someone he shouldn't. Its great being a big fish. Just remember there is always someone bigger.
Sometimes people self-correct these behaviors. I hope he does. Otherwise, he'll be eating a lot of humble pie.
It is a cool concept. The kid is probably a douche, but so are most VC "revolutionaries". This is just tech nerds getting pissed because a bro is invading their turf.
On a whole other note, why are parents such pussies? The day I am miserably cursed with a child and that fucker writes me an letter like that he would be homeless in a blink of an eye. Like his parents obviously didn't give a shit about raising him so why be guilted into shit?
Stories like this make me re-evaluated my stance on taxes.
hahaha
Can't say I'd do things much differently if I were in his shoes.
As easy as it is to shit on rich kids... they didn't ask to be born to shitty rich parents any more than you asked to be born to shitty poor ones.
That being said... this new found empathy doesn't make me any less inclined to want to slap these douche bags with a 3 week old dead 32 pound Mahi Mahi.
I've hung out with this kid a few times, he's nice enough....never once gave off the sense of pretense this article plasters him with. I'm honestly puzzled right now--did half the posters on this thread not go to college? Do you not work in finance? You don't have time to get worked up over every spoiled douche you come into contact with...especially not the ones who've accomplished more at age 22 than most retirees. He bought his way into Standford, then he bought himself a Ferrarri--the kind of kid you want to be like and give a swirlie to all at the same time.
I went to high school with him....
CaR, while I agree with your premise, if WSO stopped posting stuff that equated to getting "internet worked up" the forum would be entirely drug testing and "do women like metro guys" questions. We need something to gripe about.
Heard that TNA. We need Evans to obviate the existence of threads like these (literally my least fav thread on this site):
http://www.wallstreetoasis.com/forums/how-should-business-students-dres…
Props to the guy for actually doing something with his life other than draining a trust fund on a frivolous lifestyle.
However, starting up a company that generates no revenue is far from being a 'success'...even if it's worth $800MM.
Um what if you bought a Ferrari with it
Agree to disagree. If I create a company and sell it for $800mm and it never creates one penny of revenue, I will still consider myself a success.
Except he didn't sell his business for $800MM, he's been funded by investors that placed an $800MM valuation on the company. His ownership stake could be peanuts of that total value.
Similarly, an $800MM valuation is based on a perceived business plan and the ability to convert said plan into a cash generating business. I'd say at this point there's 1/10 chance of the company becoming like LinkedIn or Facebook and being worth something in the future.
I don't hate anyone due to their wealthy upbringing. Mostly because we all wish we had that (if we didn't) and most of us would give it to our kids (if we had any) if we could. So no, I don't really get butthurt about someone having more in life than me. At this point, that's not too hard to do so I couldn't really care less.
I think to call this guy specifically as a douche is a little crazy, almost everyone in the startup scene could be described as such. I mean, the guy started a company that's now worth 800 million...he's allowed to be a little puffed up over it. Sam over at Valley Wag is one of the most arrogant pretentious douches I've ever read, so everything he writes I take with a whole ocean full of salt. I'm sure the guy has made some d-bag moves in his life, but who hasn't. This is Wall Street fucking Oasis...I think we're used to people like this for the most part.
The ongoing story about him trying to screw his friend out of business is complex...both sides have their own version, so at this point I think its hard to say. I do think he should just man up and give the guy a cut, because clearly he did do something, even if it wasn't the heavy lifting. Why not. You're going to be extremely rich either way, why not help the guy out a bit.
I personally don't care. He's probably a douche, but so are most people with lots of moneys.
I say good for him, what he does to other people will certainly come around and bite him though
I don't like that he's a douche, regardless of his wealth. But yes, it's a heckuva lot easier to hate a douche who also happens to be privileged.
Also, I don't care that "he's accomplished more at 22, blah blah." I mean it's impressive, but I never look up to people who are POS as humans.
Sidebar - someone in a comment on another thread yesterday mentioned Nate Tinkler, so I read up on him. Now that guy ...
He had an awesome idea, and had the resources to fund it. Yeah sure he's well off, and spend a bunch of money. I'd sure as hell do it as well. It's only bragging if you can't back it up.
I am actually in agreement with Evan Siegel here. He and Murphy were programming wiz kids who (much like Mark Zuckerberg and Dustin Moskowitz) did substantially all the coding works while Brown was an English major who did not know coding and could only help out with auxiliary works like filling out paperworks and patent applications (and putting his own name first in the patent application). They could have hired an assistant to do the same for $15/hour. Brown did contribute the idea of disappearing texts but an idea is only worth 50 bucks, the rest is all about execution.
You cannot claim ownership in a company unless you are in control of its products. And for a tech startup controlling a product means being on top of its technology. Brown did not have control over the technology so the only way he could get some equity out of the tech company is if he somehow generates enough good will and empathy from the two programmers. This was basically how Alan Hughes got his shares from Mark Zuckerberg and Dustin Moskowitz. But unlike Hughes (who incidentally contributed a lot more to Facebook than Brown did to snapchat), Brown pissed off Mr. Siegel and Murphy by claiming that he is the leader, the brain behind the project who "directed their talents" of Siegel and Murphy, implying that they are just worker drones under his control. So Siegel and Murphy decided to tell Brown to get lost and not giving him anything at all. Seems fair to me. I would have done exactly what Evan did.
This reminds me of a quote.
"My father told me, never have partners." -- Howard Hughes
"If having a partner was good, god would have one"
i don't understand the premise here. if someone gave this entire forum (including myself) a cadillac at 16 and delivered to them a stanford admission letter on a silver platter, how many would end up founding a $3.5 billion monster startup a few years later? zero.
the evidence for douchiness is pretty questionable, imo. buying a ferrari is now douchey? i think most of us would be far more insufferable as 22 year old hectomillionaires. the vast majority of wall streeters are bigger douchebags than this kid with less than 1% of his net worth - many of whom grew up at least as privileged as him.
I went to high school and college with plenty of rich kids. Some were douche bags, some were awesome people, and the same went for people less fortunate, it's completely about personality and upbringing. Long story short, I'm a believer that personal wealth isn't a big driver of personality, typically someone is either an asshole or they're not.
Also, I believe Snapchat is about to be worth $3.2 billion, based on some recent reports of a new round, which is a mind blowing valuation. However, I do laugh at all the "but it doesn't generate revenue, therefore it's not a success" naysayers. The value of something is solely based on what the market believes it's worth and thus wants to pay for it. Why are P/E ratios for companies different? Exact same concept, the only difference is that those companies provide some distribution of cash. I don't see why some people get so worked up when an investor perceives value elsewhere (like user base), and sticks a bunch of money behind that thesis.
Well said.
Regarding the value of snapchat: as of early September, over 350MM snaps are sent per day. That will only increase as the app is scaled across different platforms. Fucking staggering.
I find it funny how people in America say "he came from money" as a defense for why someone is successful... I would also be curious on who would buy Snapchat at $3.5bn... thats just a valuation... the more interesting question here is the buyer pool.
Its ridiculous that a company that has no FUCKING REVENUE is worth this much. JEEZUS
Again, more than 350 million snaps are sent per day between millions of users across various interfaces. If you don't understand the marketing and advertising value associated with 2.5B snapchats a week then there is absolutely no hope for you
I really had no ideal what snapchat was until recently. Well, I still don't, just what someone told me. More power to the douche, wish I would have thought of the idea.
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