Snapchat firm valued at 24 billion US dollars
Snap, owner of messaging app Snapchat, has priced its shares at $17 ahead of Thursday’s listing on the US stock market.
The flotation values the business at $24bn, although Snap has never made a profit.
It will turn the company’s founders Evan Spiegel and Bobby Murphy into multi-billionaires.
Snapchat, which is especially popular with teenagers, allows users to send images and messages which then vanish.
The shares, which were more than ten times oversubscribed, will list on the New York Stock Exchange.
Investors at the flotation will not have voting rights.
The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
Latest posts by Libyan Express (see all)
- New evidence strengthens case against Gaddafi-era crimes - November 20, 2024
- Mystery man poses as presidential envoy in Libya - November 20, 2024
- Iran denounces new UK and EU sanctions - November 20, 2024