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Multi billions of dollars. As in more than just one billion dollars. Multiple billions. That’s billions with a B. A billion is a thousand million. We’re talking multiple of those. For each of them. They each are now worth multiple thousands of millions of dollars.
Hey, good for them. Good for these guys. Not us. But good for these guys.
Snapchat’s parent company, Snap Inc., began trading at $24 a share today, up from its initial IPO price of $17, valuing the company at nearly $24 billion. Fuckkkkk.
From Business Insider:
Snap Inc. surged in its debut as a publicly traded company Thursday, after raising a greater than expected $3.4 billion in an initial public offering.
Shares of Snapchat’s parent company opened for trading at $24, up 41% from the IPO price of $17 apiece. At the IPO price, Snap has a valuation of nearly $24 billion.
Snap’s cofounders, Evan Spiegel, 26, and Robert Murphy, 28, rang the opening bell on the exchange earlier Thursday. At the IPO price, Spiegel’s stake in the company is worth at least $4.5 billion. Murphy’s stake in Snap is valued at closer to $3.9 billion.
Isn’t this surge somewhat surprising considering its flat user growth and the unnatural, kind of ill-fitting way they monetize? The sponsored filters are pretty effective but the ads in between the stories? I don’t know, man. I’ve never watched more than a half-second of one of those. Facebook/Instagram recently introduced their very own version of the disappearing picture and video feature, and it’s gaining steam. My old ass friend use it almost exclusively now.
Veronica of TSM reminds me that “as long as Snapchat has cute face filters, it’s going to be a popular app.” That damn dog filter is so hot still. SO hot. Putting basic bitches’ asses in the seats since 2015. Facebook has some other shit cooking, too. Facial filter technology. We’ll see, I guess.
Anyway, hey, these guys are now multi fucking billionaires. That’s a lot of scrilla. GOOD for them..
[via Business Insider]
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