Snap Inc., the company behind Snapchat, went public on Thursday, filing for a $3 billion IPO. Initially priced at $17/share, the company currently has a cool $25 billion valuation.
In the 24 hours since $SNAP debuted on the market, shares have soared upward, first by 44%, then by another 10.6%, going for a price of approximately $27 per share at the time this was written.
Facebook attempted to buy out Snapchat in 2013 for $3 billion dollars, but Evan Spiegel, the then 23-year-old CEO of Snapchat, rejected it, calling it a “short-term gain.”
I guess he was right.
Interested in learning more about Snap Inc.? Check out our article about another one of their products, a wearabl camera called Spectacles.