The company will not be successful long-term with Evan Spiegel at the helm. He is cartoonish. He has a framed photo of Steve Jobs in his office and he fancies himself a design genius. The app's clunky design was an obstacle to user growth with adults and foreign markets. He stole the idea for the app from his frat house friend and relied on his family's money and legal experience to get the company up and running. He hires talented people and then ignores their input. He gets fixated on shiny new ideas and does not like to test his assumptions. He prefers to take big swings rather than iterate and measure KPIs. The redesign and Spectacles were his two biggest swings and both were failures. He does not have a near-term strategy and he is annoyed when employees ask for that kind of direction. He hoped that Spectacles would make Snap a leader in augmented reality, but the product does not work well — it was comically painful to watch other Snap employees struggle just to do the most basic things with Specs, like get HD snaps onto their phones. The revolving door among senior leadership is a consequence of Evan's ineptitude. When you get up close to him, it's obvious the emperor has no clothes. He also falls for shmoozers and flattery and yes-men and punishes dissent. The entire company is rolling their eyes behind his back all the time. People put up with it when the stock price was high, but the moment it tumbled, there was a leadership exodus. We all would have stayed if we felt it was a place where good ideas could get implemented, but it's a place where delusion and bullying are rewarded.
