After going public and becoming a part of the New York Stock Exchange, Snap Inc. is estimated to be worth around $34 billion. “That was the value of Snapchat’s parent company, Snap Inc., after its first day of trading on Thursday,” said James Stewart, the writer of the article. “Its closing price of $24.48 was 44 percent above the $17 offering price set late Wednesday. It’s the biggest initial public offering since Alibaba’s in 2014.”
At this moment Snap Inc. is not making money because the company lost”$514.6 million in 2016 and $372.9 million the year before.” Professionals from the social media world think that Snapchat is going to flop just like Twitter has done for the last few years.
Said in the article, “‘This looks and smells like Twitter to me,” Mr. Hamilton said. “I’m concerned that investors will have to wait a very long time, if ever, before they see any meaningful appreciation.'”