Snapchat CEO sees a bubble, blames interest rates

Getty Images for Vanity Fair. David Seaburg and Brian Wieser are concerned about Snap's growth prospects.

Snapchat CEO Evan Spiegel said that years of near-zero interest rates have created an asset bubble that has led people to make "riskier investments" than they otherwise would.

He added that a correction was inevitable, but wouldn't speculate on timing, other than to say such concerns are "something we factor into our business decisions."

Remarks from the 24-year old Spiegel's came in response to a question at Re/code's Code Conference in Rancho Palos Verdes in California.

The founder of the young "ephemeral media" company-which now boasts nearly 100 million daily active users and a valuation of more than $15 billion-spoke for an hour with Re/code co-executive editors Walt Mossberg and Kara Swisher on topics like the company's growth plans and the lack of diversity in technology.

Spiegel also an IPO for the company is inevitable. He didn't elaborate on timing, but said later in response to a question: "We believe great businesses have multiple sources of revenue."

Despite the start-up's extremely rapid growth, Spiegel said the company is "much more interested in increasing engagement than getting big." He also dismissed any notion of selling the company.

Snapchat is a rare start-up based not in Silicon Valley. Asked why the company set up shop in Los Angeles rather than the center of the technology world, Spiegel said that Silicon Valley is "overwhelming. We enjoy the LA lifestyle."

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