Snap Inc to raise $3.4b ahead of NYSE debut

Allan Goodman
March 4, 2017

Snap went public in the largest tech IPO in the USA since Alibaba.

Reps for Snap did not immediately respond to a request for comment.

Evan Rodriguez, a 20-year old student at Abilene Christian University in Texas, used to send snaps of amusing stuff he saw throughout the day, just as his friends did.

The company started trading at 24 dollars per share around midday Thursday, jumping more than 40 percent from its pricing. The larger ecosystems of Snap's competitors may have also created somewhat of an exit barrier for their users, which we think could further limit the growth acceleration of Snapchat users. Similar versions of Stories have now made their way onto other apps Facebook owns, including Messenger, and even WhatsApp.

"There is a huge amount of people who really just want to get in on the hot new thing, who see this as the first opportunity of its type in a number of years", Techonomy Media CEO David Kirkpatrick told Bloomberg.

Snap has 1,859 employees. To make money, Snap will have to boost its revenue per user, but ad buyers tell DiClemente that the company's ad products are hard for small and midsize companies to use, and "Snap's targeting capabilities are not almost as sophisticated as those of Facebook". Snapchat's IPO is the first amongst the startups and leads way for other overheated startups.

Some British Nintendo Switch pre-orders are being canceled
As the Pro Controller costs $69.99, being able to use it as a PC game pad as well as for the Switch does help justify the price. But with Nintendo Switch , you can take that multiplayer fun to them, wherever they are, due to the portability of the system.

"It's going to be bringing a different type of investor to the table", Zell says. The Los Angeles company is valued at above $30 billion.

Spiegel and Murphy will maintain control over Snap's shares through a three-share class structure.

The board of the Saint Francis high school in Mountain View, Calif., agreed to invest $15,000 United States in seed money in Snap in 2012, when the company was just getting started. "However, we are not contemplating any material acquisitions at this time".

It established an investment fund in the 1990s which was invited to take a stake in the company during an early investment round.

The sum sounded outlandish at the time - now, not so much.

Other reports by PlayStation Move reviews

Discuss This Article

FOLLOW OUR NEWSPAPER