http://www.businessinsider.com/snapchat-employees-prepare-sell-stock-lock-up-ipo-2017-7
Unlike the "town hall" meetings at Google, Facebook, and other tech companies, the Q&A at Snap was a written affair. Using a shared document, employees submitted questions to the company's 27-year-old leader.
The result revealed a common anxiety: About one dozen of the questions were a variation of whether employees should worry about Snapchat's competitors, particularly Facebook and Instagram, which appeared to be crimping Snapchat's rapid growth.
Spiegel's responses were short, and the one-word answer "no" was all that was written next to some of the queries, according to multiple people with knowledge of the document. Other answers of Spiegel's explained how employees should not think about the competition and should instead focus on delivering the best products and on innovating.
Five months later, the nervousness percolating within Snap has not gone away. It has spread beyond the company's Southern California headquarters and rattled investors. Snap has lost billions of dollars in value and the stock is trading 50% below the peak it reached on its first day of trading. In the coming days, the window for employees and insiders to sell their shares will finally open, presenting an important test of confidence in the company.
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