Snap can attract users. Can it attract ad dollars? That was the question that dogged the Los Angeles media company after its highflying 2017 IPO. Spiegel spent much of that year watching rival Facebook reap the benefits of copying Snap’s product innovations. No more: Though the assault by Zuckerberg & Co. continues, Spiegel has moved aggressively to hone Snap’s focus and chase software-driven ad sales—and to show the world he won’t back down. Now he just has to prove it by reviving Snap’s lagging revenue and stock price.">