Snapchat CEO: 'We need to IPO'

Evan spiegel snapchatSuccessStories.comEvan Spiegel, CEO of Snapchat

Snapchat CEO Evan Spiegel doesn’t plan on getting acquired, he said on stage atRe/code’s Code Conference Tuesday evening.

“We need to IPO,” he said. “We have a plan to do that.”

Unsurprisingly, he wouldn’t give any sort of details or timeline, but he also said that the company didn’t plan on getting acquired.

Snapchat famously turned down a $US3 billion offer from Facebook in 2013. Spiegel says that the company isn’t interested in entertaining other potential buyers.

When interviewers Walt Mossberg and Kara Swisher asked Spiegel about the benefits of staying independent, he said with a laugh that it was “more fun that way.”

Right now, Snapchat has a sky-high valuation of $US15 billion. When grilled on whether or not he thinks there’s a bubble in Silicon Valley, Spiegel admitted that he thinks that there is. And that it’s only a matter of time before it bursts.

“People are making riskier investments,” he says. “I think there will be a correction. As for when, we don’t know, but we factor that into our plans.”

Spiegel says that right now Silicon Valley is prone to easy money — Snapchat itself has raised more than $US800 million — thanks to low interest rates, which reduces the return on safer investments.

This isn’t the first time Spiegel has said that he thinks a correction in the tech industry is inevitable — though he won’t guess when the day will come.

“If I knew exactly when, I could make a lot of money,” he said.

NOW WATCH: It’s dangerously easy to record Snapchats without the other person knowing

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.