This fund run by a SAC Capital alum bought restaurant stocks amid the pandemic
Prentice Capital Management was up 6.6% for the first four months of the year, compared to the S&P 500's 9.3% decline and the Russell 2000's 21.1% decline. The HFRX Equity Hedge Index was down 9.4% for the quarter. Q1 2020 hedge fund letters, conferences and more Gross and net exposures In his first-quarter letter to […]
Snapchat is a popular photo chat app that allows users to instantly share photos that soon self-destruct after sending. A new rumor claims the app may soon offer even more.
Popular chat app to offer news reports
Snapchat Discovery, which could launch in November, could include a wide range of news sources to deliver content. It was reported that twelve media companies already met with Snapchat to discuss possible business deals. It has yet to be confirmed if this will be a part of the regular Snapchat or a standalone version.
This popular app first came into the scene in 2011 and quickly rose to popularity. Now, over 700 million photos are shared through Snapchat everyday.
Snapchat: Strong potential to tap younger market
Other social media giants such as Facebook Inc (NASDAQ:FB) and Twitter Inc (NYSE:TWTR) currently dominate the market. Both websites also dominate the social media news scene. Snapchat, which caters to a younger demographic, hopes it can get interest from advertisers.
Snapchat’s success has inspired other companies, including Facebook, to launch their own versions of the popular photo sharing app. The search giant introduced its own version of a self-destructing photo app called Slingshot. Popular dating app Tinder also introduced its own version titled Moments.
Facebook offered to purchase Snapchat a while back with a $3 billion acquistion offer but it was rejected.
In all fairness, Snapchat is a unique social app with its own strengths and weaknesses. This app is most popular with tweens, teens, and college students. Unlike Facebook, which is now perused by their parents, Snapchat offers more privacy. Kids today want to connect with their friends on a more personal level and this app enables them to do just that.
Earlier this year, Snapchat did get in hot water over privacy matters. The company admitted to leaking out personal information from roughly 4 million users.