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Snap CEO Says He’s Set on Transforming Business, Not Selling It

Evan Spiegel

Evan Spiegel

Photographer: David Paul Morris/Bloomberg

Snap Inc. Chief Executive Officer Evan Spiegel said he’s set on transforming his social media company -- not selling it -- after a tumultuous year in which the stock has plummeted 76%.

“So far, Bobby and I believe that the best way to realize our potential is by building an independent company,” Spiegel said at Vox Media’s Code Conference on Wednesday, when asked about whether he’d consider selling Snap, owner of the photo-sharing and messaging app Snapchat. Spiegel and Bobby Murphy, Snap’s co-founder and technology chief, hold more than 99.5% of voting rights.