Snap shares soared briefly as high as $25, putting the company's valuation at $30 billion.
The value of Snapchat's owner has soared on its New York Stock Exchange debut after a flotation that valued the company at an initial $24bn (£19bn). The stock is now trading at almost $26/share, boosting Snaps market cap to just shy of $30 billion. The company's IPO ETF recently hit a 52-week high, and based on its market valuation, Snap will be a candidate for inclusion.
According to the Snap'sfiling, the company had revenue of $404.5 million in 2016, up from $58.7 million in 2015. It lost half a billion last year, even more than the $373 million it lost in the prior year.
The company started trading at 24 dollars per share around midday Thursday, jumping more than 40 percent from its pricing. Investors will just be betting that Snap will continue to grow positively.
Although Snap went public at a much earlier stage in its development than its two rivals Twitter or Facebook, the 5-year-old company is valuing itself at almost 60 times revenue and more than double the 27 times revenue Facebook fetched when it went public in 2012. Overall, Spiegel will still be the one who's in control of the company's future. Facebook, on the other hand, had a rough first day as a public company, with the share price closing exactly where it opened (companies normally try to price it so it goes up about 20% on the first day).
Fowler takes control of Honda Classic
Area players entered: Harris English, Brian Harman, Billy Horschel, Zach Johnson, Russell Knox, David Lingmerth, Hudson Swafford. Arnold Palmer won at least once in each of his first 17 seasons, Jack Nicklaus in his first 17 and Tiger Woods in his first 14.
Iranian President Rouhani arrives in Pakistan
The ECO secretary general thanked the prime minister for hosting the ECO summit and for the excellent arrangements. The Economic Cooperation Organization or ECO was founded in 1985 in Tehran by Iran, Pakistan and Turkey.
Samsung Group dismantles corporate strategy office
However, major business groups criticised the arrest, concerned about the impact on Samsung and, more broadly, on South Korea. The scandal has led exploding phone and washing machine maker Samsung to hit pause on some of its corporate operations.
DeVos: Fight 'establishment' on college campuses
Acts of student defiance such as this protest have been seen nation-wide since DeVos was elected last week. Previously, DeVos released a statement that focused on protecting all students, including LGBTs.
Snap Inc. set to price its IPO at $17 per share
Snapchat is expected to grow its US audience to 70.4 million by the end of 2017, according to a new report from eMarketer . Facebook's Instagram last August added Instagram Stories, a close clone of Snapchat Stories.