Friday 3 March 2017

NDM: Snapchat finance

Snapchat shares soar 44% to value loss making company at 28bn 

https://www.theguardian.com/technology/2017/mar/02/snapchat-ipo-valuation-evan-spiegel-bobby-murphy-snap-inc
Miranda Kerr, the Australian model, takes a selfie with friends at the opening bell at the New York Stock Exchange on Thursday. Kerr is the partner of Snapchat boss Evan Spiegel.

Snap Inc, the company behind disappearing messaging app Snapchat, has gone public with stocks soaring 44% on their first day of trading and valuing the company at $28bn. The market debut of the loss-making tech enterprise on Thursday catapulted its twentysomething co-founders Evan Spiegel and Bobby Murphy into the top tier of the tech billionaires. Shortly after the pair rang the opening bell on the New York Stock Exchange, the company’s share price rose 41% from its guide price of $17 a share to an opening price of $24.

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