Ben Schwerin, a senior vice president of content and partnerships at Snap who helps lead the company's TikTok competitor Spotlight, will join Coatue Management as a general partner, Schwerin told The Information.
The new hire follows the departures of four general partners at the New York-based firm, including most recently David Cahn, chief operating officer of Coatue’s venture capital fund and a general partner. Cahn is joining competing firm Sequoia Capital, Sequoia confirmed last week.
It also comes as Snap faces intense challenges related to the digital advertising market slump. Snap stock has dropped 69% in the past 12 months.
