Snapchat CEO spent millions for employees on New Year's Eve

Snapchat might be facing a tough time due to intense competition from Instagram, but when it comes to partying, the company has no rival as its CEO Evan Spiegel spent $4 million for a massive New Year's Eve bash in Los Angeles.

According to a report in TMZ, Spiegel shut down an iconic portion of Los Angeles to throw his employees a company party at L.A. Live entertainment complex. Further reports state that the company rented out Microsoft Theater and every venue facing Microsoft Square -- Katsuya, Lucky Strike, Tom's Urban, Conga Room and Wolfgang Puck Bar and Grill -- for the party.

Unconfirmed reports said that there was a surprise performance by rapper Drake as well. "We're excited to celebrate a transformative year as a team. Evan is personally sponsoring the night's performance," the company was quoted as saying.

Talk about starting the New Year with a bang. The report further stated the company was planning the event for months. The ice rink at Microsoft Square was removed last week apparently to make space for people.

Besides, the popular photo-sharing app had secured proper permits to host as many as 5,000 guests who were treated to a 105-foot DJ tower and pyrotechnics. The celebrity news website reported that Spiegel flew Snapchat employees from "around the world" in for the party.

All in all, it looks like Snapchat had happy employees and presumably the company is setting a positive work culture going into 2018.

Inputs from IANS