WASHINGTON, Oct. 6 (SEE)- CEO of SnapChat Evan Spiegel admitted in a confidential memo obtained by Cheddar newsletter website on Saturday, that the company rushed into the redesign of the application, explaining that the new update opposed by users, corrected one flaw and caused several others.
Spiegel wrote that splitting up friends’ publications from followers was a successful update. “The change was necessary for the long-term benefit of the platform,” he said, noting that the new design was not carefully tested, and problems started to arise when the application was put before the public.
Spiegel admitted that the Newsfeed algorithm did not work adequately, making it difficult to find actual friends on the application.
“We have slowed down our application and eroded the value of our core product,” he wrote.
The stock price of the platform plunged as users started to turn away from the app.