Real Estate Woes Revealed For Snapchat In Its IPO Filings
Snapchat parent company Snap Inc. filed paperwork Thursday to move forward with its IPO, which could be one of the biggest L.A. has ever seen, but its Venice Beach real estate could pose a problem.
Snapchat started out in the house of 26-year-old CEO Evan Spiegel's father, but now operates out of several condos and houses converted into offices on the beach.
The spread-out campus could prove to be detrimental to the morale of employees who have to travel up to 15 minutes between the offices to conduct meetings, Business Insider reports.
Some employees don't even know where other departments are located.
It could all prove to be a hindrance to Snapchat's staff, which grew 210% last year, and the company's future.
The company was started by Spiegel (above) and his Stanford pals Bobby Murphy and Reggie Brown, who came up with the idea for the app while still college students.
With 158 million daily active users, Snapchat generated $404.5M in revenue last year, the LA Times reports. [BI]
