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Inside Snap

Inside Snap (Aug 3rd, 2017)

$SNAP (11:47 AM EST): $12.21 (↓ 3.48%) More info

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Snap Inc. has been banned from yet another popular stock market index – the S&P 500. The company’s new rules say that its component indices “will no longer add companies with multiple share class structures.” Snap shares slid 4 percent on the news in Wednesday’s session, with the stock tapping a new all-time low of $12.52. "Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally,” S&P Dow Jones Indices said in a statement. Companies that are part of larger indices have the benefit of reaching investors who invest in indices over single stocks. British index FTSE Russell also recently banned Snap from its indices, citing the company’s lack of voter rights for shareholders. – TECHCRUNCH   

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Snap Inc. is reportedly planning to acquire Zero Zero Robotics, a Chinese drone maker, in another move toward its goal of becoming more of a camera company than a social media company. Snap, which also has camera-equipped Spectacles, will likely pay from $150 million to $200 million for the company. Zero Zero Robotics makes a foldable hovering drone that records video, which it sells it for $500. Snap bought Ctrl Me Robotics Inc., a struggling drone startup, for less than $1 million in May. – CNBC

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Snap CEO Evan Spiegel’s leadership is polarizing and life inside the company is secretive, Snap employees tell Business Insider. Many large tech companies like Google and Facebook conduct town hall-style meetings to address employee concerns and questions but Snap Inc. accepts questions in written form via a shared document. Numerous employees are asking Spiegel if the company should be concerned about aggressive competition from Facebook. Spiegel reportedly answered a curt “no” to some questions, while responding to others by telling employees to focus on delivering the best products instead of threats from Facebook. – BUSINESS INSIDER

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Snap Inc. has signed onto the Global Internet Forum to Counter Terrorism, which unites internet companies to stop extremism and terrorism online. Google, YouTube, Microsoft, Twitter and Facebook formed the organization last month. Global Internet Forum to Counter Terrorism began as a way for internet companies to share data such as digital fingerprints of extremist content like photos and videos. The tech giants help each other prevent uploads of terrorist content and disrupt the terrorists' ability to use the internet. The group is aiming to add more companies to its roster and is planning four knowledge-sharing workshops. – TECHCRUNCH

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Instagram users under age 25 spend about 32 minutes per day on the app, says parent company Facebook Inc. Users who are over 25 spend about 24 minutes per day with Instagram. Both figures represent engagement growth for the photo-sharing app, which attributes the growth to its Snapchat-like “Stories” feature. For advertisers, the time that users spend engaged is an important metric. Bloomberg called Instagram’s engagement trend “salt in the wound” for Snapchat, which has been struggling amid Instagram’s rapid growth. Snapchat users spend about 30 minutes per day engaged with the app, Snap Inc. reported. – BLOOMBERG

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