Snowflake Inc. (NYSE:SNOW) has filed an 8-Okay doc with the Securities and Trade Fee (SEC) following an interview of its Chief Income Officer (CRO) by a social media influencer.
The info storage firm was compelled to file the doc after CRO Mike Gannon made statements concerning the firm’s future monetary outcomes throughout an interview with an influencer, often called “theschoolofhardknockz”, on Instagram and TikTok.
The video interview has since attracted over 555,000 views on TikTok and almost 138,000 likes on Instagram.
The 8-Okay submitting clarified that Gannon is “not a chosen spokesperson approved to reveal monetary info on behalf of the Firm.” It additional cautioned buyers in opposition to counting on such statements.
Within the interview, Gannon predicted that Snowflake would shut the 12 months with over $4.5 billion in income and obtain $10 billion inside a number of years.
Additionally Learn: Snowflake Inventory Worth Prediction: 2025, 2026, 2030
That is in distinction to Snowflake’s official steering, issued in August, which projected a income of $4.395 billion for the 12 months, over $100 million lower than Gannon’s estimate.
The influencer, James Dumoulin, who often interviews millionaires on his social media platforms, boasts 5.6 million followers on TikTok. Neither Dumoulin nor Gannon have but responded to requests for touch upon the difficulty.
Why It Issues: This incident underscores the potential dangers and regulatory implications of company executives sharing monetary info on social media platforms.
It additionally highlights the affect of social media on investor selections and the significance of clear communication tips for firm representatives.
This occasion might immediate different corporations to evaluation their insurance policies on govt communications to keep away from comparable conditions sooner or later.
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