For an entrepreneur who has built a social media empire on the idea that people like to share what's going on in their lives immediately and often, Evan Spiegel is obsessed with privacy.
But the 26-year-old co-founder and CEO of Snap, the parent company of the social media platform Snapchat and the wearable tech company Spectacles, last night had to reveal a whole lot about corporate finances. Spiegel took the first step towards taking his start-up public.
Filing an "S-1" document is a big first step. It means letting people buy shares of stock in the company, and by doing so Snap is trying to raise $3 billion. When the company does go public, it is expected to be worth $25 billion or more.
That means Spiegel and his co-founder Bobby Murphy, who both own 20 percent of the company, could be worth $5 billion each.
The tech start-up's filing yesterday broke with convention in a couple of ways. It stated that the company may never be profitable. And Spiegel used the opportunity to take a pot shot at Mark Zuckerberg by saying Instagram's new "stories" feature was a ripoff of the Snapchat user experience.