Snapchat CEO Admits There Was A 3rd Co-Founder During iPhone Launch

Convenient timing

Head Image

Even though they have been vehemently denying claims that there was a third co-founder of Snapchat for over a year, Evan Spiegal and Bobby Murphy have finally announced that the lawsuit has been settled, and coincidentally at the same time as Apple’s keynote.

Apparently a deal has been made with ousted Frank Reginald Brown IV (aka Reggie) who sued the company back in February 2013 after it was valued at $70million. The company is now worth more than $10 billion.

Reggie claimed that he had been kicked out one month before the ephemeral photo app was officially launched in July 2011, although at the time CEO Spiegal branded the claims “frivolous” and “devoid of merit”. On Tuesday Spiegal admitted than in actual fact, “Reggie… originally came up with the idea of creating an application for sending disappearing picture messages while he was a student at Stanford University” and then “collaborated with Spiegal and Murphy on the development of Snapchat during its early and most formative days”, although the announcement was majorly (and purposefully?) overshadowed by Apple’s product unveiling.

The terms of the settlement are confidential.