Snowflake Inc. (NYSE:SNOW) has filed an 8-K document with the Securities and Exchange Commission (SEC) following an interview of its Chief Revenue Officer (CRO) by a social media influencer.
The data storage company was compelled to file the document after CRO Mike Gannon made statements about the company’s future financial results during an interview with an influencer, known as “theschoolofhardknockz”, on Instagram and TikTok.
The video interview has since attracted over 555,000 views on TikTok and nearly 138,000 likes on Instagram.
The 8-K filing clarified that Gannon is “not a designated spokesperson authorized to disclose financial information on behalf of the Company.” It further cautioned investors against relying on such statements.
In the interview, Gannon predicted that Snowflake would close the year with over $4.5 billion in revenue and achieve $10 billion within a few years.
Also Read: Snowflake Stock Price Prediction: 2025, 2026, 2030
This is in contrast to Snowflake’s official guidance, issued in August, which projected a revenue of $4.395 billion for the year, over $100 million less than Gannon’s estimate.
The influencer, James Dumoulin, who frequently interviews millionaires on his social media platforms, boasts 5.6 million followers on TikTok. Neither Dumoulin nor Gannon have yet responded to requests for comment on the issue.
Why It Matters: This incident underscores the potential risks and regulatory implications of corporate executives sharing financial information on social media platforms.
It also highlights the influence of social media on investor decisions and the importance of clear communication guidelines for company representatives.
This event may prompt other companies to review their policies on executive communications to avoid similar situations in the future.
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This article Snowflake's CRO Mike Gannon's Instagram Interview With Influencer James Dumoulin Triggers SEC Filing originally appeared on Benzinga.com
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