Now you can own a piece of Snap! What started as three friends looking to create a fun way to share pictures has turned into a billion dollar company. Snap’s IPO was released today, March 2nd at a valuation of $24 billion at $17 per share.
Snap closed its first day on NYSE at $24.48 per share, at a high of $26.05 throughout the day. But how does Snap stack up? Its first day was bigger than Alibaba, Facebook, and Google, but smaller than LinkedIn, Twitter, and Yelp. But in order for Snap to survive, it needs to prove it’s more like Facebook and less like Twitter. Based on financials, Snap looks more like Twitter. Both companies lost revenue before going public. But it’s too early to tell whether the company will plummet or succeed. Investors have put their trust and faith in CEO Evan Spiegel, in hopes that their investment in Snap will pay off over time.