Snapchat Is Paying Ex-Apple Exec Scott Forstall zero.eleven% To Be An Advisor
A leaked e-mail from the Sony Footage hack signifies Snapchat put aside .eleven% of its inventory for former Apple head of iOS Scott Forstall to be an advisor.
Michael Lynton, Sony Footage’ CEO, is a Snapchat board member, so when his e-mail was stolen by hackers protesting the discharge of The Interview, delicate Snapchat info got here to mild. WikiLeaks lately made these emails simpler to entry.
When requested concerning the firm’s relationship with Forstall, Snapchat didn’t deny the connection, merely replying “We now have quite a lot of advisors, however we don’t touch upon the specifics of their relationship with the corporate”.
In February 2014, Snapchat granted inventory choices to a variety of key staff. For instance, former VP of engineering Peter Magnusson who was poached from Google however ended up leaving 6 months later, was slated to get zero.5% of Snapchat. A number of software program engineers have been granted zero.022%.
However given Forstall’s prestigious pedigree and fame for main Apple’s iOS division, he was granted a wopping .eleven% absolutely-dilluted for merely being an advisor, with the choices vesting over 24 months.
If Forstall completes his vesting schedule, that stake can be value $sixteen.5 million judging by the $15 billion valuation Snapchat was lately reported to be elevating cash at. And given Snapchat’s robust momentum, Forstall’s fairness might be value far more quickly.
Different surprises that got here out of the emails once they initially leaked in December embrace that:
- The acquisition supply Snapchat turned down from Fb was considerably greater than $three billion
- Snapchat has explored the thought of a music function
- Snapchat spent $30 million to accumulate AddLive’s synchronous video tech,
- Snapchat purchased Scan’s QR code scanning system that might energy QR Snaptags for $50 million
- Snapchat purchased eyeglass pc startup Vergence Labs for $15 million