• Snapchat Reportedly Paying Ex-Apple Executive Scott Forstall 0.11% for Being an Advisor

    A recently surfaced leaked email from last yearís Sony Pictures data breach revealed that Snapchat granted the former iOS chief, Scott Forstall, 0.11% of its stock in fully-diluted shares in return for being a special company advisor. The data was revealed by TechCrunch while the company was in the middle of a mass of leaked Sony emails that WikiLeaks recently posted to its site.

    The email, originally sent by Snapchat legal director Steve Hwang, details grant options that were approved by the firmís board of directors in February of 2014. Among those who were cited was Forstall. Based on what the document revealed, Forstall was granted 50,000 shares that were worth a fully-diluted 0.11% for being an advisor. This number was seemingly very large considering that several software engineers were granted only 0.022% comparatively. In another comparison, the publication noted that former Google executive, Peter Magnusson, who took on the role of VP of engineering at Snapchat but left six months into the job was only scheduled a grant of 0.5%

    Forstallís options were slated to vest in 24 months at the time, which if you did the math values his portion at around $16.5 million based on Snapchatís recent funding round that was led by Alibaba and put the company at a $15 billion valuation. As of right now, it is unclear what role Forstall played in Snapchatís rise to success but the app has grown quite rapidly since its release back in 2011.

    The recent report seems to align with rumors from late 2013 that claimed Forstall was advising various startups and focusing on philanthropic projects. For those of you who didnít know or didnít remember, Forstall was ousted from Apple back in 2012 after the executive botched the launch of Apple Maps. At the time, sources claimed that Forstall refused to sign a public apology which was delivered by CEO Tim Cook, which is what caused the issue. Regardless, he seems to be doing quite fine.

    Source: Bloomberg, TechCrunch, Wikileaks
    This article was originally published in forum thread: Snapchat Reportedly Paying Ex-Apple Executive Scott Forstall 0.11% for Being an Advisor started by Akshay Masand View original post
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