Economy

Snapchat Has Been Faking Growth Numbers, Ex-Employee Alleges

Snapchat Has Been Faking Growth Numbers, Ex-Employee Alleges

Pompliano worked three weeks at Snapchat after leaving Facebook, and claimed he only discovered the company's false representations and urged some of the company's executives to make necessary corrections.

Pompliano says he was recruited from Facebook based on the false metrics, and when he urged Snapchat to correct them, he was sacked after only three weeks on the job, according to the complaint.

However, Pompliano says that his job at Snapchat took a turn after he noticed inconsistencies in Snapchat's growth numbers.

"Snapchat will not let anything stand in its way of an IPO, including its obligations to represent material facts accurately", the complaint states.

The bad blood between the two companies goes back years - Snap rejected Facebook's reported $3 billion offer to buy the company in 2013, and since then, Facebook has launched several features that critics say copy the Snapchat app. "It is totally made up by a disgruntled former employee".

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We reached out to Pompliano for comment but had not heard back at time of writing. The redacted portions include one 7½-page section that is entirely blacked out and a 4-page appendix that is blank. It allegedly only made the move to hire Pompliano when it realized that a lack of key performance indicators could impact its IPO. According to Los Angeles Times, the former employee also alleged that the company forced him to reveal secrets about his time at Facebook. Snapchat will reportedly seek a valuation of between $20 billion and $25 billion with its offering, a number not far off from the reported $20 billion valuation it secured in May with a $1.8 billion fundraising. "Behind the curtain was a very different company than the mature organization committed to building a growth team that he was sold by Snapchat's senior executives during the recruiting process".

Much of the lawsuit was redacted.

A spokesperson for Snap Inc said it a statement that the company had reviewed the complaint and "it has no merit".

"These efforts, which should have been rewarded, wound up costing Mr. Pompliano his job", he says. The incident has prevented him from finding employment elsewhere, he says.

Snapchat Inc have rejected the allegations and claims that they are "totally made up by a disgruntled former employee.' The filings state that Pompliano was sacked as he was 'incompetent" and 'not adequately performing in his position.' The now former employee is accusing the company of attempting to damage his reputation, and stop him finding suitable work after.


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