Your favourite app for sending suss af pics to your mates had a big bloody win today.
More accurately, Snapchat founder Evan Spiegel had a big bloody win today, as the app’s parent company Snap Inc began trading on the stock exchange.
Initially trading at $US17, the price surged by 41 fucking percent to $US24, making old mate Evan a whopping $US272 million (roughly $360 million) on the first day of trading. Not bad for a day’s work.
Now worth $US29 billion, the company itself has raised $US4.4 billion off the back of the IPO, with net proceeds hitting around $US2.3 billion. It’s also taken Spiegel’s net worth from $US4 billion to $US5 billion.
His fiancée and Aussie legend Miranda Kerr was also there at the New York Stock Exchange to witness the deluge of invisible cash with an understandably stoked Spiegel.
Dog filters for CASH MONEY
It’s been a rough road to IPO for Snap Inc, who have been plagued by stunted growth and a declining user base, but clearly, none of this has deterred keen investors who all want a piece of that coveted 18 – 24-year-old demographic.
Nice one Evan, you exceedingly wealthy motherfucker.
Source: Reuters.
Photo: Getty.