Snap founder and CEO Evan Spiegel said Tuesday that it’s been really “interesting to watch the U.S. government grapple with the success of a consumer tech company that is headquartered in Chi…
“It’s a free market question,” Spiegel said on a conference call to discuss, responding to a query about how government threats to bar Tiktok could impact the industry. U.S. Secretary of State Mike Pompeo has said publicly the government is looking into the possibility of banning TikTok in the U.S. and has compared it to Chinese companies like Huawei and ZTE, which are considered threats to national security.
The platform, Spiegel said, leveraged success in China, the second-largest economy in the world, to enter the U.S. market, which is smaller in terms of population. “It has been fascinating to see the U.S. government grapple with this… I think the consumer has shifted a little bit with the success of consumer tech from China,” he said. “People assumed the next consumer tech hit would be a startup [but] it seems … it is a Chinese company that offers many services around the world.
Gorman noted that some of the exits could be related to overall content marketing budgets given the challenging economic environment. And she noted that Snap’s burgeoning direct response advertising is not a segment involved in the boycott. But, that said, “What we do know is that it’s always positive to engage at the highest levels of an organization and this conversation has opened the door for us to do that extremely frequently at the CEO and CMO level.
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