Billion-dollar app Snapchat "needs to IPO", says founder Evan Spiegel

In March, messaging app Snapchat was valued at a whopping $15bn.

The app has made its 24-year-old founder Evan Spiegel the youngest billionaire in the world. How much is he worth? An eye-watering $1.5bn.

And now Spiegel has said Snapchat “needs to IPO” to continue growing exponentially.

Speaking at Recode’s Code Conference in San Francisco, Spiegel claimed that Snapchat is not be sold to a larger corporation. In 2013, he rejected a $3bn bid from Facebook.

At the conference, Spiegel also warned that the tech bubble could burst any time soon.

“I think that people are making riskier investments and … there will be a correction. It’s definitely something we factor into our plans,” he said.

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