• Safi Bello

Snap’s IPO was a success. Now it has to prove it’s not Twitter

Recode ----- Snap, the social network that says it’s really a camera company, closed its first day of trading up 44 percent from its initial offering price of $17. That’s a remarkable open, since new issues typically experience a lot of seesawing on the first day as investors weigh demand for the stock against the company’s actual business. Snap lost more than half a billion dollars last year. You could argue Snap’s underwriters priced it too low at $17 a share after it traded most of today between $24 and $25. But the fairly steady orders showed the bankers did a decent job. It was a smooth IPO. But now, CEO Evan Spiegel has to prove Snap is more like Facebook than Twitter. He would say it’s neither — it’s a camera company! — but as far as the markets (and most people) are concerned, those are the most relevant comparisons. To learn more click on the picture below to read the article.

Snap’s IPO was a success. Now it has to prove it’s not Twitter - Read More from Recode

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