Snap stock falls as alleged CEO comments rile some on social media

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Over the weekend, Snapchat found itself in a full-blown PR crisis after CEO Evan Spiegel was accused of saying thatthe app was "only for rich people" and that he didn't "want to expand into poor countries like India and Spain".

Also Read: Snapchat controversy: Did Evan Spiegel really say India is poor? Among a litany of allegations against Snap, Pompliano says that CEO Evan Spiegel once shot down his suggestion to pursue growth in certain global markets.

The statement emerged last week when documents were made public from a lawsuit by Pompliano against Snap, Snapchat's parent company.

Indians have left scathing online reviews of Snapchat's app and called for a boycott. "It's available worldwide to download for free", they said. As news of the alleged comments spread, #BoycottSnapchat and #Uninstall_Snapchat began trending in India and around the world.

Responding to the outrage that has followed in India, Snap's spokesperson shared with media, "Obviously, Snapchat is for everyone!"

It was even rumored that Indian hackers retaliated by leaking 1.7 million Snapchat users' data on the "dark web", but these reports have not been verified.

Meanwhile, quite unfortunately, stuck in the crossfire was Indian-based e-commerce company Snapdeal, as users mistook Snapdeal for Snapchat.

"I think one thing that people probably don't think about as much as we do is innovation to serve everyone in the community not just the high end, right?" He raised concerns with company executives that advertisers were being misled.



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