Meet Snapchat CEO Evan Spiegel, Riding High On IPO

Meet Snapchat CEO Evan Spiegel, Riding High On IPO

A drone could represent another growth opportunity for Snap as competitors continue to clone its breakthrough feature: the ability to compile disappearing photo and video Stories that users can decorate with filters, effects, and other designs.

That suggests the IPO shares could have sold for a higher price, although it might have created problems for the company if they did so - and then watched the publicly traded shares fall short.

Snapchat had 161 million daily users at the end of 2016, 10 million of which were in the UK.

Ahead of the stock market opening bell, Snap shares are expected to have an opening price between $22 and $24, which would value the company at over $30 billion. If Snap stock had hovered at that level after it began trading, Murphy and Spiegel would have achieved a net worth of "only" $3.9 billion each-even after selling the 16 million shares as intended.

The value of Snapchat's owner has soared on its New York Stock Exchange debut after a flotation that valued the company at an initial $24bn (£19bn).

But despite Snapchat's popularity, user growth has slowed recently.

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At that price, Snap would have a market value of almost $24 billion, making it the largest USA tech IPO since Facebook (FB, Tech30).

But some analysts believed the company had been significantly overvalued.

When they're first offered, IPO stock is priced to sell: The goal is to name a price that investors will find attractive (i.e., one that's "low" enough).

What's more, Snap shares carry no voting rights, so if investors don't like the management they can't vote them out.

Murphy also uses Facebook, Twitter and Instagram, but analysts have questioned whether most people have time to work another social network into their schedule.

Despite the challenges in converting "cool" into cash, Snap's valuation is the richest for a U.S. tech flotation since Facebook in 2012.