Snap (SNAP.N) shares dropped 1.5% as it faces a backlash over alleged comments made by CEO Evan Spiegel about not being interested in promoting growth in the "poor" countries of Spain and India.
While speaking to a youth website, Fernandes said that he has no bad feelings against Spiegel and has created the app just for fun.
We're not able to do those things just yet but Facebook users will have more options when it comes to sharing photos and videos like pixilated blue beards, stickers and 3-D text. It's up to 200 million people in like a year.I tend to worry more and think more about the substance of what our community actually wants, Tech Crunch, reported. The timing of the statement makes it kind of hard to miss. Revealing the risky trend of jumping on the bandwagon of criticising and bashing without so much as a cursory background check of where the comment came from and under what circumstances it was made, India is definitely proving that many of its netizens have zero patience when it comes to thinking before acting.
The critical remarks about the company by Pompliano stem from his lawsuit in which he claimed he was sacked from his position after he questioned Snapchat's internal methods for calculating daily active users.
Spiegel is said to claimed the app was only for rich people, and that he wasn't interested in poor countries like India and Spain. Wood said that Facebook is moving away from virtual reality on its Oculus Rift platform and toward augmented reality on your phone, something its competitor Snapchat is already doing.
Snap however is denying that these claims and has labelled them as "ridiculous".