I think this was the logical step forward in being an independent company. We raised a lot of money from venture capitalists, I guess our first investor invested at a $4.25 million valuation. Venture investors are short-term investors. They invest for a couple of years, and then they rotate out of their investments. And so we were able to transition inherently short-term Investors to long-term investors by going private. That's the right thing to do to build our business. Despite that are being a little volatility that comes with that, ultimately that's the right way to go.
2022 has been a difficult year for Snap, Inc. Shortly after announcing layoffs, Snap CEO Evan Spiegel sat down with Kara and Scott to discuss the challenges facing his company, and why he thinks they can be overcome. Recorded on September 7 at Code 2022 in Los Angeles.
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