72.5 F
Los Angeles
Sunday, Jun 4, 2023

Silicon Beach Report July 25: Snap Lab Division Chief Resigns

Snap Lab division chief resigns following Spectacles fallout, Stamps.com pays $230M to pick up MetaPack; another successful rocket launch by SpaceX

Snap Lab Division Chief Resigns

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.

Stamps.com Buys MetaPack for $230 Million

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.

SpaceX Completes Another Successful Rocket Launch

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.”

Featured Articles

Related Articles