Snapchat board member Michael Lynton could be a big help with the movie version of the company's founding if there ever is one. Lynton helped bring the founding of Facebook to the screen with The Social Network, an Oscar nominee out of Sony Pictures Entertainment.
Lynton is on Snapchat’s board of directors. The company announced a $50 million fundraising round that was revealed today in a regulatory filing. While Lynton was instrumental in telling the Mark Zuckerberg story, the Snapchat founders are living it. They are also being sued for billions.
An earlier version of this story said Lynton was only just announced as a board member, but he has been with the company since June. Evan Spiegel and Bobby Murphy founded the company in Stanford in 2012. Its origins are the subject of a lawsuit, with an early partner claiming fast deleting messages were his idea (a similar dispute was at the center of the Facebook origin story told in The Social Network). A looming court battle has not stopped venture capitalists from piling into Snapchat, which according to reports earlier this week is worth about $2 billion.
The valuation is less than some expected —it had been pegged at $4 billion in some reports. The photo-sharing-and-disappearing app that is upending the Silicon Valley ecosystem —Facebook and Twitter are scrambling to react to its popularity— has now raised more than $100 million this year.