Shares of Snap fell for a second straight day Thursday, as investors continued to digest the company's latest earnings report. BTIG Analyst Rich Greenfield says he's not impressed by the company's planned redesign or the 12% stake just disclosed by China's Tencent. "It's pretty shocking how fast this thing has unraveled," he told Cheddar in an interview. The messaging app, which considers itself "a camera company," reported revenue of just $207 million during the third quarter, well below analyst estimates of $237 million. User growth also came in less than expected, with daily active users rising by just 5 million. CEO Evan Spiegel also announced the company would be heavily redesigning its app to make it easier to use. Business Insdier reports that the changes include separating friend-based posts from content provided by the company's publishing partners and adding more posts from verified celebrity influencers. Snap says the overhaul will result in some short-term disruptions but hopes it will pay off in the long run. Greenfield, though, isn't impressed. "They're doing a huge pivot," he says. "If it works there's obviously huge potential, but there's also huge risk when you're making this big of a pivot." The analyst last month slashed his projections for Snap's growth, saying he now expects 2018 revenue of just about $1.6 billion compared to earlier forecasts for $2.5 billion. In a research note he apologized for his earlier optimism with the hashtag #wearesorry.

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Musk loses crown as world’s richest to software giant Larry Ellison
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
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