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Snap is being probed over its IPO because some investors are salty about losing money
2018-11-14T05:49:25Z - Jon Russell / TechCrunch
Snap is being probed over its IPO because some investors are salty about losing moneyHere’s something I didn’t expect to read today. Today, Instagram’s Stories — the feature that closely resembles Snap’s app — has some 400 million users, that’s more than double the users of Snap. But it is far-fetched to claim that Snap played down that threat when it went public, which is what the class action case claims. In particular, TechCrunch covered the rivalry and cloning closely ahead of Snap’s IPO with reports that showed Instagram was “stealing” Snap users, that it was responsible for slowing user growth and more. In short, it was fairly clear that Instagram was cloning Snap, which in turn was a key factor for Snap’s growth struggles.

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