Snap Lures Facebook Exec to Lead Its Ad Growth Ambitions

Snap announced it snagged a high-level Facebook employee to help lead the company's ongoing efforts to lure more advertisers to its platform.

Doug Frisbie had been on Facebook's marketing team for 11 years, most recently as head of business marketing in North America. He now becomes Snap's VP of Business Marketing, the company announced Wednesday.

Frisbie will report to Snap's CMO, Kenny Mitchell. He is tasked with driving marketers, agencies and businesses toward Snap and its 265 million users.

On its earnings call last week, Snap executives highlighted several areas they view as key growth opportunities – which Frisbie will now be tasked with undertaking. These include Snap's Maps, AR lenses and Discover content features. The company also reported 200 million users engage with Snap's augmented reality features every day and 90% of the U.S. Gen Z population watched Discover content in the final quarter of 2020.

The move comes as Snap's share price has soared of late to all-time highs and the company continues to inch toward profitability. To help it get there, Snap launched its first marketing campaign specifically targeting businesses in August.

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Relativity Space, the Long Beach 3D-printed rocket maker, has unveiled plans to create a fully reusable rocket.

CEO Tim Ellis told CNBC that the move is an "obvious evolution" for the company. The announcement comes on the heels of a hefty $500 million round he closed in November.

"It's the same architecture, the same propellant, the same factory, the same 3D printers, the same avionics and the same team," Ellis told the outlet.

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Nearly a year into the worst pandemic in a century, Los Angeles companies expecting to snap up office space on the cheap may be disappointed.

L.A. office rents have held steady or even gotten pricier since COVID, even as more space has become available as most employees continue to work from home.

"I honestly thought rents would have dropped by now," said Michael Soto, research director at the brokerage Savills Inc. "For a lot of tenants, they are still seeing a bit of sticker shock that prices haven't dropped yet."

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On today's episode of Office Hours, I'm excited for you to get to know Austin Allison, my co-founder and CEO of our company, Pacaso.

Birds were the first dwellers Austin served with his boyhood bird-house business. Now, with Pacaso, our goal is to democratize second-home ownership by enabling people to co-own an amazing second home --- for 1/8 the cost.

Hear his take on what it meant to have his first company acquired, his number one tip on how to keep his crew focused and how to best navigate what seems like weekly iterations of the start-up environment.

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