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Snapchat founder admits struggles, defends company strategy

Evan Spiegel speaks yesterday at the Vanity Fair New Establishment Summit in Beverly Hills. Photo: Matt Winkelmeyer / Getty Images

It's been a bumpy 2017 for Snap Inc. and 27-year-old CEO/founder Evan Spiegel, who made a rare public appearance at Vanity Fair's New Establishment Summit in Beverly Hills yesterday.

His IPO has missed market expectations, closing yesterday at $15 after opening March at $24. Spiegel has struggled mightily to tell the Snap story to Wall Street, bumbling the stock's narrative and investor expectations, and leaving even his advisers frustrated with comms skills. Meanwhile, Facebook/Instagram has ruthlessly copied his hottest product innovations and poached chunks of his ideas — and audience.