(May 30): Snap Inc chief Evan Spiegel launched a stinging critique of Facebook Inc, dismissing both its appeal and its successful attempts to copy Snapchat’s most popular features. Spiegel, a co-founder of the Snapchat application for sending ephemeral messages and videos, made the case for his company’s longevity. Snap “has a mission that runs counter to traditional social media,” he told the conference in Rancho Palos Verdes, California. At Facebook, “they are having trouble changing the DNA of their company, which is all about people competing with each other for attention.”The CEO implied that the Facebook copycatting was the least of his worries. “It is the most fantastic thing in the entire world.”

Source: The Edge Markets May 30, 2018 04:50 UTC