How Instagram post featuring top exec forced American storage giant Snowflake to make SEC filing
American storage giant Snowflake has filed an 8-K with the Securities and Exchange Commission (SEC) this week. The latest filing comes after one of the company’s executives shared “unauthorised financial guidance” in a street interview, which was recently posted on Instagram . The video that featured Mike Gannon, Snowflake's Chief Revenue Officer, whom James Dumoulin interviewed, was shared on the Instagram account "theschoolofhardknockz."
In the video, which currently has 2.5 million views, the company’s executive said: “So we’re going to exit this year, probably just over about $4.5 billion. We’re getting to $10 billion in a couple of years.”
In its SEC filing, the company didn’t name the executive but clarified that he was not a “designated spokesperson authorised to disclose financial information”
“As a result, investors should not rely upon such statements,” the company warned its investors.
The company also said that its third-quarter results will follow its usual reporting practices and that its guidance approach remains unchanged. Snowflake shares have risen nearly 70% this year.
In the video, Gannon, who became Snowflake’s CRO in March, said he regularly watches the Instagram page “theschoolofhardknockz” and congratulated Dumoulin on its success.
The account, which has 7.6 million followers, features street interviews with millionaires such as athlete Shaquille O’Neal, Chipotle CEO Scott Boatwright, and actor Tom Cruise, asking for business advice.
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