Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

As Wall Street gets to know Snap and its CEO Evan Spiegel, Silicon Valley can't stop talking about the upcoming IPO, which The Information broke last fall. I haven't seen this level of pre-IPO buzz since the 2012 Facebook offering.

It's a funny turn since Silicon Valley has generally been a little icy towards Snap, to say the least.

Here are a few things to know about Snap's relationship with Silicon Valley:

  • Los Angeles-based Snap has always wanted to appear hipper than the Bay Area's stereotypically geeky startups, so it's actively distanced itself from Valley giants. Spiegel has avoided hiring Google and Facebook employees—and in the rare cases he has, they often haven't lasted long. For a long time, Snap refused to have a San Francisco office. Spiegel recently caved, a little.
  • Spiegel is a very different type of CEO than the typical Valley icon (think Zuckerberg or Page.) He's been more unabashedly into business far earlier in Snap's lifecycle. And he has good instincts about the media business, which Silicon Valley tycoons have long failed to understand.
  • Anecdotally, Instagram has won back some early adopting techies. To be sure, that's because the photo sharing app has flagrantly copied some popular Snapchat features. But it appears to have worked. The "who's who of Silicon Valley" market is only so big and may be insignificant to Snap's growing ad-supported business. But getting Silicon Valley trendsetters to use your product is never a bad thing.
  • Despite all this, Snap is playing more from the Silicon Valley playbook than it would like to admit. The founders have protected themselves with a very Valley-like structure to allow them to maintain voting control in an IPO. And Snap has chosen to compensate employees as other tech companies do. Lastly, its growth is dependent on self-service ad campaigns, al la Google and Facebook.

What's next: It all depends on how well the IPO does. If Snap makes its investors rich and pushes private companies into the public markets, leaders here will be cheering it on. (The thinking goes that if the IPO is successful, maybe their portfolio companies will finally consider getting them some liquidity, too.)

But if Snap stumbles, there'll also be some (very private) snickering. In startups, as in sports, everybody roots for the hometown team.

Go deeper

Updated 46 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

2 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!