Evan Spiegel maintains his short positions in Snapchat after Indians uninstall and bash him on his comment
Snapchat CEO Evan Spiegel who is certainly bearish on the Snapchat stocks has continued to maintain his bear position on the company, trying to multiply his profits in the stock. In an aggressive effort to further destabilize his company's stock which was already on a steady bear run since its listing on March 3, 2017, Snapchat CEO called India is too poor to deserve the expansion of the company.
"I was bearish on the outlook and the absurdity of Snapchat's business since its inception. How many people could we fool for long time? As Gandhiji said you can fool me once but not for life, I thought to be short on the stock since its listing. Now it's time to ripe what I planted?" Snapchat CEO Evan Spiegel told India Satire correspondent on an exclusive chat "The idea of calling India a poor country and also comparing it with Spain is like multiplying my returns on the stock. However, I wasn't aware that it would benefit Flipkart more than me as Indians also gave lashes to Snapdeal."
Snapchat stock was listed at $27.09 per share dropped to $19.54 per share and closed $20.19 per share on April 13, 2017. Spiegel confirmed that he would continue to give such gossips to Indians till the stock price of Snapchat drops to $5 per share.