Snapchat is a global multimedia messaging application for both Android and iOS systems. The Snap Inc. Company which is famous for creating the famous app has not been doing so well these past few months.
With other several competitors and alternatives of the application available in the market, Snapchat has lost about $353 million in this quarter despite the strong impact they once had in the second quarter. They used to have 3 million users in the previous quarter and now just around 188 million, about half of the users have stopped or transferred to another application, leaving Snapchat in the dust.
The decline of their growth rate is very blood-curdling in this quarter to the point that you may even wonder and question “Will this be the end for this multimedia messaging application?”.
Luckily, luck was on their side, Prince Al-Waleed Talal from the Royal Family of Saudi has recently helped mitigate the crisis by the infusion of cash. The prince invested $250 million to acquire 2.3 percent stake shares of Snapchat. A night and shining armor to the rescue for Snapchat, don’t you think so?
Researches and reports that were gathered mentioned that this was not the first time the two have met. Back in the year 2015, CEO Evan Spiegel and COO Imran Khan had a meeting with Prince Al-Waleed about a possible investment in the company but no actual agreement was made back then.