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Snapchat CEO: 'We need to IPO'
(SuccessStories.com) Evan Spiegel, CEO of Snapchat.
Snapchat CEO Evan Spiegel is not planning for his company to get acquired, he said onstage at Re/code's Code Conference on Tuesday evening.
"We need to IPO," he said. "We have a plan to do that."
Unsurprisingly, Spiegel would not give any sort of details or timeline, but he also said the company did not plan to get acquired.
Snapchat turned down a $3 billion offer from Facebook in 2013. Spiegel on Tuesday said the company was not interested in entertaining other potential offers.
When interviewers Walt Mossberg and Kara Swisher asked Spiegel about the benefits of staying independent, he said with a laugh that it was "more fun that way."
Right now, Snapchat has a sky-high valuation of $15 billion. When grilled on whether he thought there was a bubble in Silicon Valley, Spiegel acknowledged that he thought there was — and that it was only a matter of time before it burst.
"People are making riskier investments," he said. "I think there will be a correction. As for when, we don't know, but we factor that into our plans."
Spiegel said Silicon Valley today is prone to easy money — Snapchat alone has raised more than $800 million — thanks to low interest rates, which reduces the return on safer investments.
This isn't the first time Spiegel has said he thinks a correction in the tech industry is inevitable — though he will not guess when the day will come.
"If I knew exactly when, I could make a lot of money," he said.
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