Snapchat loses its financial director, the title plunges

Arrived in June, Tim Stone has already announced his departure, the last of a long series for the American group.

The hecatomb continues in the staff of Snapchat. After cascading starts last year, the photo and video sharing app has just learned of the upcoming departure of its CFO. Tim Stone arrived in June.

The American had left Amazon to join the Los Angeles company. At the time, Tim Stone had already replaced a retired chief financial officer. After this announcement, Snapchat's share is down sharply. On Wall Street, she lost more than 10%.

"No disagreement"

It must be said that this departure is the last of a long series. In recent months, the company headed by Evan Spiegel, who is struggling to renew its business model, has notably lost its vice-president and its director of strategy.

To ease concerns, Snap announced that Tim Stone's departure was not related to "a disagreement" with the group's strategy. The company has even specified that it will perform its functions at least until the publication of its annual results.

Not sure as long as this is enough to reassure. Because society is attacked from all sides. In particular by the competition. And apart from the founders Evan Spiegel and Bobby Murphy, there is only the head of the Snap IPO that Steve Horowitz, the head of technology ...

Bad momentum has set in on the markets. Since early August, the group has declined more than 50% in the stock market. On December 21, the stock fell below the $ 5 mark on Wall Street. This Wednesday, it moves below $ 6, against $ 27 during its IPO in March 2017. Less than twenty-four months ago.

Raphael Bloch