Snapchat teaches investor not to underestimate the power of 🍆🍆🍆 pics
A company going public means a lotta people get rich. Today that means the CEOs, executives and early investors in Snap Inc., the company once better known for its association with dick pics than its decision to be a "camera company."
But not everyone was convinced in the power of dick pics. Chris Sacca, outspoken Silicon Valley venture capitalist, has invested early in other successful tech business like Instagram, Kickstarter, Twitter and Uber, but he didn't buy into Snapchat — even when they came knocking.
On Thursday, shortly before Snap's first day on the market ended, Sacca shared, on Twitter, an email he had received from Snapchat cofounder and CTO Bobby Murphy from Nov. 2, 2012.
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Sacca did end up meeting the team behind Snapchat early on, but passed on investing: “I was like, ‘The dick pics?’” he told CNNMoney last year. “That probably cost me like a billion dollars.”
He wasn't the only one.
Ashton Kutcher, who has invested in other tech giants like Airbnb, passed on investing—twice. He cited the design: “I looked at Snapchat’s product and I hated the product,” Kutcher told Recode last year. “I just thought it was like, a little crickety and a little rickety. It just wasn’t beautiful or elegant."
Sacca did invest early in Twitter, which while continuing to gain fame (thanks Trump), had its stock drop from a high of over $70 to now trade below $20.
He also invested in Uber. That was once viewed as the next big tech giant to go public. Yet, they're currently dealing with much bigger issues.
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Topics Snapchat
Kerry Flynn is a business reporter for Mashable covering the tech industry. She previously reported on social media companies, mobile apps and startups for International Business Times. She has also written for The Huffington Post, Forbes and Money magazine. Kerry studied environmental science and economics at Harvard College, where she led The Harvard Crimson's metro news and design teams and played mellophone in the Band. When not listening to startup pitches, she runs half-marathons, plays with puppies and pretends to like craft beer.
