What’s the Snapchat appeal? For now, it’s a red-hot initial public offering and the promise of more public offerings to come, after a period of slow tech movement on Wall Street.
The Snapchat social-media service is perplexing to nearly anyone born before 1990, myself included. That didn’t stop its debut on the New York Stock Exchange from ringing everyone’s bell. According to Fox News, Snapchat’s (SNAP) wildly successful trading debut, which bested Facebook’s (FB), Alibaba’s (BABA) and Google’s (GOOGL). At the outset of trading Thursday, the stock jumped more than 40 percent to $24 a share, no thanks to Main Street investors who were largely left out of the action. Snapchat surged 44 percent Thursday, closing at $24.48, which valued the social media company’s market cap around $28.3 billion.
Not bad for a social media service whose appeal is that its messages, photos and videos only stick around for a little while, and then vanish forever. That places Snapchat in stark contract against services like Facebook and Twitter, which saves everything forever (unless the original poster goes back a deletes a specific post).
http://alanzeichick.com/wp-content/uploads/snapchat.jpg359638Alan Zeichickhttp://alanzeichick.com/wp-content/uploads/alan-zeichick-logo.pngAlan Zeichick2017-03-04 08:55:452017-03-04 08:56:27Snapchat IPO goes big — let's hope it doesn't go poof!