Snap Lab division chief resigns following Spectacles fallout, Stamps.com pays $230M to pick up MetaPack; another successful rocket launch by SpaceX
Mark Randall, former head of Snap Inc.’s Snap Lab, which manufactures its camera goggles (called Spectacles), has resigned effective today. Engadget reports Randall formerly served as Snap’s vice president of operations before assuming the role at Snap Lab in 2017. Randall said in an internal email that he is leaving the company to help grow his own, which advises “young, private companies participating in early-stage investing.” Snap’s Spectacles lost $40 million due to unsold product in 2017.
El Segundo-based internet mailing company Stamps.com is set to buy United Kingdom’s MetaPack Ltd. in cash deal finalized today. Expected to go into effect Aug. 1, the acquisition was funded entirely by Stamps.com’s current cash balances and approved unanimously by both companies’ boards. Stamps.com ranks 27 out of 100 on the Business Journal’s list of largest public companies, up 20 spots from number 47 in 2017.
Elon Musk’s Space Exploration Technologies Corp. launched another Falcon 9 rocket into space today from the Vandenberg Air Force Base in California, Socaltech reports. The launch marks SpaceX’s seventh of a total 75 missions they were contracted to launch for Virginia-based Iridium Communications Inc., which provides mobile communications globally via satellite. The launch took place just after 4:30 a.m PDT, and SpaceX reported it a success, despite “challenging weather conditions.”
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Silicon Beach Report Feb. 20: Whatsapp Updates with Snapchat-Like Vanishing Content
- Silicon Beach Report July 6: Snap Inc. and Competitors Bidding for World Cup Video Rights From Fox
- Silicon Beach Report Dec. 19: Boring Tunnel Unveiled
- Silicon Beach Report Nov. 20: SpaceX, Boeing Under NASA Scrutiny
- Silicon Beach Report Oct. 4: Snap Inc. Sold 150,000 Spectacles
- Silicon Beach Report Oct. 23: Scott Painter’s Next Auto Venture Secures $1 Billion Debt, Equity Funding
- Silicon Beach Report June 12: Snap Rolls Out Ad Manager for Small Businesses
- Silicon Beach Report Jan. 5: Snap’s Unusual Structure Led to Breakthroughs, But Also Problems