In this excerpt from Alex Kantrowitz’s new book, “Always Day One,” he describes how Facebook’s Mark Zuckerberg responded to the threat posed by Snapchat.
At around the same time Facebook was working out its News Feed issues, an upstart messaging app called Snapchat — led by the brash Stanford graduate Evan Spiegel — built a feature called Stories, which let people share photos and videos with friends that disappeared in a day. Snapchat’s users loved how Stories gave them a carefree way to post (in contrast with Facebook, where your posts would go to everyone and stick around forever) and the app’s usage exploded. Spiegel, who once spurned a $3 billion acquisition offer from Zuckerberg, was now hitting him where it hurt. In the zero-sum game of social media, where time spent on one platform is time not spent on another, Spiegel had the energy, the sharing, and was driving his company toward a hot IPO.
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