Discussion

• @snap @snap on x

  What Snapchatters wanted: an easier way to share. What they didn't want: pressure or permanence. Enter: Stories More from @evanspiegel and @lennysan on Lenny's Podcast: https://www.youtube.com/... [video]

• @lennysan Lenny Rachitsky on x

  Software is not a moat Over the last 15+ years, nearly every innovation @EvanSpiegel and his team shipped got copied. Stories. AR glasses. Swipe-based navigation. The camera-first interface. And yet @Snapchat is the only independent consumer social app that has lasted. Nearly 1

• @collision John Collison on x

  For our last Cheeky Pint episode this season, @evanspiegel joins me to discuss the “crucible moment” at Snap. We cover the shift from smartphones to AR glasses, why he thinks VR is antisocial, how creative culture at Snap works, and why Norway is Snapchat-obsessed. [video]

• @evanspiegel Evan Spiegel on x

  Thank you @lennysan for a great conversation! :)

• @zeeg David Cramer on x

  One of Meta's greatest product visionaries, @evanspiegel

• @gergelyorosz Gergely Orosz on x

  A few interesting things: - Snap is one of the only public companies where shareholders cannot vote - there's literally 0 say, not even symbolic - Constant stock dilution of shareholders thanks to massive stock based comp (SBC) - A history of high losses, no sign of change -

• @lennysan Lenny Rachitsky on x

  .@EvanSpiegel: “15 years ago, we learned that software is not a moat. This is something that everyone is discovering today with AI.” [video]

• @boringbiz_ @boringbiz_ on x

  Very nice, now let's see the free cash flow with stock based compensation included as an expense [image]

• @metapreston Preston on x

  Software is a short-term moat that must be patched by brand, distribution, or network effect advantages

• @gergelyorosz Gergely Orosz on x

  Had to do a double take on this: Snap generates $6B of revenue, has 450M+ daily active users, and yet it's valued at $9B (!!!) When you go down the rabbit hole to understand why this terribly low valuation, you learn very very interesting stuff about Snap+about the ads business

• @drbarnard David Barnard on x

  “If you're building a consumer product today, your distribution strategy matters more than your product.”

• @jordaneureka @jordaneureka on x

  Distribution is the only moat (unless you're in hardware) A large group of people who use your product & are unlikely to switch is the most valuable thing in tech Design systems that people don't want to stop using, and then never give them an excuse to

• @lennysan Lenny Rachitsky on x

  My biggest takeaways from @evanspiegel: 1. Distribution is the biggest bottleneck in consumer, not product. The only two consumer social apps to break through since Snapchat—TikTok and Threads—both solved distribution. TikTok spent billions on paid ads. Threads piggybacked on

• @gergelyorosz Gergely Orosz on x

  10% stock dilution per year... on an ongoing basis... wild It's a catch 22: with such high stock based valuation and such low company valuation this is unprecedented dilution they pushes the stock lower even if the co grows business-wise A reason to DYOR before investing

• @lennysan Lenny Rachitsky on x

  .@evanspiegel shares the story behind Stories, and how it came to be by refusing to build what users wanted [video]

• @buccocapital @buccocapital on x

  Why is Evan Spiegel suddenly doing the podcast circuit? There is always a reason...