More bad news for Snap, Inc. On Monday, word surfaced that Snap Chief Strategy Officer Imran Khan will be leaving the Los Angeles-based tech company.
People leave companies all the time; most of the time it’s not a reason to worry. However, this time things are a bit different.
Snap Chief Strategy Officer Leaving Company
Imran Khan will be leaving Snap, Inc (creator of Snapchat) to start his own investment firm. The firm, according to a person close to the matter, will take stakes in tech companies.
Now, here’s the problem:
Snap used to have a hold over the technology market. There was once a time when young people spent hours on Snapchat. But that’s the past, and now the company is struggling to grow. Which brings us to the problem: numerous heads of the company have left (the latest being Khan), which indicates that even the company’s team is losing hope in Snap’s future.
Snap Employees Who Have Left
Since the disappointing Snap IPO back in 2017, the company has lost or replaced its:
- Head of product
- Chief Financial Officer
- Head of engineering
- And now, Snap Chief Strategy Officer
The Snap Stock (NYSE:SNAP)
Snap has done some things well recently, such as announcing a revenue beat in its Q2 earnings report, but the majority of the time the company disappoints the market.
From daily active users dropping in the second quarter and trading below its IPO price to losing key members of its team, it’s unsurprising to see the SNAP stock trading in the red today.
As of 3:25 p.m. EDT, Snap is trading at $9.74; that puts the SNAP stock down 1.91%.
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The Takeaway
At the time of writing, the market closes in 30 minutes—do you think the SNAP stock will continue to fall during that time? It’s likely, considering Khan was one of the few remaining people that helped take the company public last year. Losing him is undoubtedly a shock to many.
Featured Image: Flickr
