NEWS
EVENTS
Snapchat Files For Stock Market Float. Value? $20bn+
In 2013 Snapchat turned down a HUGE THREE BILLION DOLLARS cash offer from Facebook. The parent company of Snapchat, ‘Snap’ has now filed to be listed on the US stock market. The IPO which will be handled by Goldman and Sachs is now worth over 20 BILLION DOLLARS.
With more than 100 million daily users Snapchat is one of the world’s largest social media apps, and with it’s recent valuation it is now one of the most expensive. After turning down an earlier offer from Facebook, founder 26 year old Evan Spiegal must be laughing his way to the bank, the guy is now a baller, not bad returns for an app he founded at university. Perhaps Spiegal can use some of his wealth for his planned wedding to actress Miranda Kerr, as they have been engaged since the summer.
This is the largest technology flotation since Facebook launched for $81bn in 2012. Being closer to Google’s $23bn launch, although that was back in 2004.
Snapchat’s biggest market is the 13-24 year olds, accounting for 60% of its users, and the company has recently released ‘Snap Spectacles’. A rival to ‘Google Glass’, designed to connect to phones the glasses can send photos and videos from the app. You have to be lucky though, as they have only been sold at vending machines found in special locations around The USA!
With the release of the spectacles hardware and the recent stock market flotation it seems that Snapchat are in it for the long run and are ready and willing to challenge the other tech giants, who knows how long this will last, but at the minute it's looking like $napca$h.
