Snap CFO Tim Stone Is Resigning

Re:Snap CFO Tim Stone Is Resigning by umeshunni on Tuesday January 15, 2019 @07:52PM (#18917310)

While Snap's poor product decisions and failing business are constantly called out in the media, what I don't see covered as much about the company is that their executives managed to massively enrich themselves by paying themselves huge bonuses right before the IPO and subsequent stock collapse.

Their "Chief Strategy Officer" Imran Khan: $100M+

https://www.businessinsider.com/snap-ceo-evan-spiegel-cfo-im...

CEO Evan Spiegel": $637M+ (3rd highest CEO payout ever) https://techcrunch.com/2018/02/22/snap-ceo-evan-spiegel-got-...

I'm surprised there hasn't been an investor lawsuit/class action yet. The whole thing seems like a massive pump and dump scam.

[ Parent | on HN ]

Re:Snap CFO Tim Stone Is Resigning by harryh on Tuesday January 15, 2019 @08:20PM (#18917450)

My understanding is that Evan's bonus was agreed upon years in advance when Snapchat turned down FB's various offers. The investors, represented by the board, wanted him to go for a large, somewhat risky, IPO instead of taking a sure thing and incentivized Evan to do so.

[ Parent | on HN ]

Re:Snap CFO Tim Stone Is Resigning by kuhhk on Wednesday January 16, 2019 @01:36AM (#18918724)

If true, this should be in their S-1 SEC filing right?

[ Parent | on HN ]

Re:Snap CFO Tim Stone Is Resigning by umeshunni on Wednesday January 16, 2019 @01:59AM (#18918811)

It is in their S-1 (page 135): https://www.sec.gov/Archives/edgar/data/1564408/000119312517...

What's interesting is that these execs, including the founder/CEO got renegotiated packages just before the IPO.

[ Parent | on HN ]

Re:Snap CFO Tim Stone Is Resigning by roymurdock on Tuesday January 15, 2019 @09:01PM (#18917665)

there is a lawsuit pending that focuses on snapchats potential misrepresentation of instagrams size and effect on the mkt

investors should've done their own due diligence on that, what i believe is more likely is that snapchat misrepresented its user numbers pre IPO as alleged by a fired employee in 2015

investors wouldn't have cared if the stock went up, but it went down so they need to find an actual tangible way that snapchat lied to them to recoup any money from a bad bet

[ Parent | on HN ]