Greycroft Managing Director Alan Patricof said when it comes to recent IPO of American multinational technology and social media company, Snap Inc. (NYSE: SNAP), investors are staking on the future. He added with saying that investors believe a progression rate would be unmanageable. In an interview on CNBC’s “Squawk Box”, Patricof said the company would have to grow around 50 percent a year over the next 10 years just to develop into its valuation today. “Snap Inc. is going to be compared to Google and Facebook every day of the week, and through Facebook you’re going to be compared to Instagram.”
Currently, the social media sector is brutal, and almost a new application emerges every day. Patricof told CNBC that investors are excited of Snapchat’s success so far, who is not an investor in Snap. “It’s hard to take away what they’ve accomplished — I think Evan [Spiegel] has done a great job.” Greycroft’s Patricof said he’s “most disappointed” about Snap’s no-vote policy, referring to the company’s decision to sell investors non-voting shares.
On Monday shares of Snap Inc. fell below its opening price of $24 and of continued to fall more than 10 percent at market open on Tuesday. Snap Inc. is a camera company that believes in reinventing the camera to improve the way people live and communicate. Its products empower people to express themselves, live in the moment, learn about the world, and have fun together.