Snapchat’s nasty lawsuit with co-founder Reggie Brown has seemingly disappeared.
At least for the time being. Snapchat settled with Brown for an undisclosed sum Tuesday. It was Brown who filed suit in Los Angeles Superior Court, claiming the other co-founders, all of them former college pals, ripped off his idea for Snapchat’s disappearing message and photos while denying him equity in the company. The settlement was first reported by the San Francisco Chronicle.
Snapchat is now valued at $10 billion.
In addition to Brown, the two other co-founders are CTO Robert Murphy and CEO Evan Spiegel. In court depositions, Spiegel admitted Brown’s active role and said he believed his former amigo was owed some compensation.
This is not the only scandal trailing Spiegel. Despite Snapchat fending off a $3 billion offer for the company from Facebook last year, Spiegel found himself in hot water after sexually despicable emails towards women he sent to friends while at Stanford University were leaked to the press.
These emails, which you can read on Valleywag, referred to women as degenerative sluts and other harsh invective. The emails revealed a cocky, fresh-faced frat boy with a “women are trash” ethos. Spiegel has since apologized, but nobody really forgets, even if the startup you’re running has a questionable $10 billion valuation.
Snapchat took in a third round of $50 million in funding last year from Coatue Management. Previous backers include Benchmark Capital and Kleiner, Perkins, Caufield & Byers.