Snapchat maker Snap Inc. held the biggest initial public offering ever for a Los Angeles company this week pricing its shares at $17 apiece. The company made its debut on the New York Stock Exchange on Thursday, where it quickly leaped to close at $24.48.
- Snap Inc. makes history: What happened on Snapchat's first day of trading
- Play the IPO game: See if you know when it's best to buy new tech stocks
- Column: The Snap IPO is a sucker's bet
- Profile: CEO Evan Spiegel is the one part of Snapchat that Facebook can't copy
A group of about 60 Venice residents and business owners gathered outside Snap Inc. headquarters Tuesday afternoon to show their disdain for the company's large footprint in the neighborhood.
They said they hoped to draw attention to the Snapchat maker's takeover of Venice landmarks, including bars and buildings, to make way for its corporate offices.
Barbara Lonsdale, who has lived in Venice for 30 years and helped organize the protest, said she was particularly annoyed by the ubiquity of the company's shuttles, which ferry employees between offices.
"They're just zipping each other from mini campus to mini campus," she said. "They act like they own the place."
Tensions spurred by Snap's unusual real estate strategy aren't new, but the demonstrators aren't happy that an initial public offering of Snap shares this week will bring the company billions of dollars in cash to keep expanding.
Snap said in a statement:
We don’t just have our headquarters here; many of us also call Venice home. We’ve been very grateful to be a part of this creative community for over the last four years and we've worked closely with local schools and nonprofits to be a good neighbor. No one could have anticipated how quickly we’ve grown, and we have already begun focusing our future growth outside of Venice.