Snap CEO Evan Spiegel faced widespread criticism of the Snapchat app’s infamous redesign early this year, including from his own wife, supermodel Miranda Kerr.
Kerr tipped Spiegel off on the public outcry to come. “I wasn’t too surprised, because my wife, the first thing she said was ‘what are you doing?'” he told CNBC’s Julia Boorstin on Monday. “So I thought it would be a little choppy.”
Kerr was not the only celebrity to slam the new format. Kylie Jenner sunk Snap’s stock in February when she tweeted against the redesign.
However, Jenner was not the only one creating market troubles for Snap. After an earnings miss in May, the stock plunged to $10.50 per share, its lowest since going public in March 2017.
Although Snap has recovered some ground since its all-time low, it still sits 17 percent below its IPO price.
Spiegel said that critiques of the redesign were fair, and Snapchat has revised certain changes to its platform. However, Spiegel said he hopes that the public reaction will fade, as was the case when company shifted to programmatic advertising.
“People were really upset that we shifted to programmatic, and that was a very disruptive change for our Business,” he said. “But now, 18 months later, that was obviously the right thing to do.”
Source : CNBC