For the company’s prospects of competing with Instagram in the short term, Snap CEO Evan Spiegel is unsure if antitrust activity by the government will have an impact.
Spiegel said onstage at an event, according to reports, “I mean the history of antitrust would basically say that these investigations last like seven to 10 years or something like that and that basically nothing happens.” Spiegel continued, “I think a lot can change in the seven to 10 years that this process will take.”
And, when it comes to whether Facebook was suppressing content from Snapchat, Spiegel said, in part, “it’s hard to say.” He also reportedly confirmed that the company had compiled a list of some of the competitive moments of Facebook, dubbed Project Voldemort. The Wall Street Journal first reported on the existence of the project, and Spiegel noted that the list had been started many years prior.
The news comes as the rollout of a new Instagram app reportedly caused shares in the owner of Snapchat to fall over 7 percent, which was reportedly its lowest level in nearly four months. Facebook had announced that it is launching Threads from Instagram, which will let users to share photos, video and messages with a close group of friends in a “dedicated, private space.”
The company wrote in a blog post on Oct. 3, “Threads is a standalone app designed with privacy, speed, and your close connections in mind. You can share photos, videos, messages, Stories, and more with your Instagram close friends list. You are in control of who can reach you on Threads, and you can customize the experience around the people who matter most.”
Snap shares fell as much as 7.6 percent, down 22 percent since hitting a 16-month high in July per a report. Facebook, however, experienced a 2.4 percent boost to a one-week high.
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