Thursday, March 2, 2017

Today’s Snap IPO lines the pockets of its twentysomething co-founders

Snapchat has operated at a loss for virtually its entire existence. Today, though, it made its two twenty-something co-founders billionaires with the ring of a bell. Snap Inc filed for the IPO at the beginning of February, with the company’s estimated value being $20-25 billion. The opening price rose from $17 to $24 this morning, making it the largest public offering for a tech in years. According to CNBC, co-founders Evan Spiegel and Bobby Murphy each made $384 million from the sale of their shares. Snap’s current estimated price of $24 billion puts it above Twitter ($11 billion) but far, far short of Facebook ($395…

This story continues at The Next Web

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