According to CNBC, Snowflake filed an 8-K with the SEC on Monday revealing that an executive provided unauthorized financial guidance during an Instagram street interview. The video, posted by Instagram account “theschoolofhardknockz,” featured host James Dumoulin questioning Snowflake Chief Revenue Officer Mike Gannon about company revenue, with Gannon stating “we’re going to exit this year probably just over about $4.5 billion” and projecting “$10 billion in a couple of years.” The company explicitly stated in its SEC filing that Gannon is not an authorized spokesperson and investors should not rely on his statements, while the viral video has accumulated 2.5 million views. This incident represents a significant breakdown in corporate communication protocols that demands deeper examination.
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The Regulatory Tightrope
This incident places Snowflake in a precarious regulatory position. By filing the 8-K, the company is attempting to walk back potentially material information that could influence investor decisions. The SEC has strict regulations around selective disclosure under Regulation FD (Fair Disclosure), which requires companies to broadly disseminate material nonpublic information. While street interviews don’t typically trigger Reg FD concerns, when an executive starts providing specific revenue projections that differ from official guidance, it creates regulatory gray areas. Snowflake’s rapid response through the formal filing demonstrates their awareness of these risks, but the damage to credibility may already be done.
The Social Media Governance Gap
The viral nature of this incident—2.5 million views on Instagram—highlights a fundamental challenge facing modern corporations. Traditional media training and disclosure policies haven’t adequately adapted to the era of spontaneous social media encounters. Executives accustomed to controlled earnings calls and press releases now face unvetted questions from content creators seeking viral moments. This creates a perfect storm where casual comments can reach millions before corporate compliance teams even become aware. The incident suggests that chief revenue officers and other C-suite leaders need updated training specifically for these informal, high-exposure environments.
Credibility and Consistency Concerns
From an investor perspective, this incident raises serious questions about internal controls and message discipline at Snowflake. When executives provide conflicting guidance through unofficial channels, it undermines confidence in the company’s official communications. The specific numbers mentioned—$4.5 billion for this year and $10 billion “in a couple of years”—create measurable benchmarks that investors will now monitor closely. If Snowflake’s official guidance in future earnings calls differs significantly from these street interview numbers, the company faces additional credibility challenges. This is particularly sensitive for Snowflake, which has faced investor scrutiny around growth sustainability in the competitive cloud data platform market.
A Warning for Tech Leadership
This incident serves as a cautionary tale for the entire technology sector, where executives frequently engage with media and content creators. The informal culture of tech leadership, combined with the pressure to maintain growth narratives, creates fertile ground for similar missteps. Companies may need to implement more rigorous social media protocols and real-time monitoring of executive appearances. The fact that Snowflake had to appoint Mike Gannon as CRO relatively recently suggests that executive onboarding and communication training may need strengthening across the industry. As the lines between formal corporate communication and casual social media content continue to blur, establishing clear boundaries becomes increasingly critical for regulatory compliance and investor confidence.
