Snap Inc. Chief Executive Evan Spiegel andChief Technology Officer Bobby Murphyjustrang the opening bell at the New York Stock Exchange in the Los Angeles company's stock market debut.
The pair arrived decked out in suits at the stock exchange on a windy morning in lower Manhattan. Inside they found the trading floor more yellow than usual. Spiegel choose yellow as Snapchat's main color because no other major app had used the option, and he wanted his company's to stand out. At the stock exchange, Snap's faceless-ghost logo -- and its eye logo for hardware -- lighted up screens.
Seconds before they rang the opening bell, a laughing Spiegel, wearing a golden tie and white dress shirt, whispered into the ear of a tense but smiling Murphy, who sported a navy tie and light blue shirt,
A committee that advises the Securities and Exchange Commission will meet next week to discuss whether Snap Inc. will disclose as much to its shareholders as other public companies do, according to a report from Reuters.
Snap, the company behind messaging app Snapchat, priced its initial public offering on Wednesday, selling shares for $17 apiece. Those shares, unlike those of most public companies, do not give stockholders voting rights.
Snap is the first company to issue non-voting shares in an initial public offering. Kurt Schacht, the chairman of the SEC's Investor Advisory Committee, told Reuters that the committee will review whether Snap will have to report all of the same information typically disclosed by public companies.
The Los Angeles company known for its Snapchat messaging app generated the largest initial public offering in Southern California history on Wednesday, raising at least $3.4 billion while valuing the firm at $23.8 billion.
Snap Inc.’s IPO is the most lucrative in the U.S. since online shopping company Alibaba raised $22 billion in 2014 and the biggest for a tech company since Facebook’s $16-billion haul in 2012. Facebook and Visa are the only California companies that brought in more cash than Snap through an IPO, according to FactSet data.
Mutual funds, pension offices and other investors paid $17 per share to be the first to hold Snap stock when it begins trading — if all goes as planned — on the New York Stock Exchange early Thursday under the symbol SNAP.
An enigmatic 26-year-old who took an app once derided as a sexting tool and sparked a youth phenomenon, CEO Evan Spiegel is the reason Snap will outpace and out-innovate its biggest competitor, the company contends.
His vision has led tens of millions of people under age 25 to open Snapchat 20 times a day to reach friends and catch up with what’s happening in the world. Its signature auto-deleting videos encourage spontaneity and carefree self-expression. That’s no small detail to a generation taught from an early age that anything shared on social media can one day be used against them.
Spiegel’s view of social media is decidedly different from Facebook founder Mark Zuckerberg, who is six years older. But with Facebook racing to catch up, Spiegel is challenging investors to shell out for young and cool at the expense of safe and mainstream.
It’s been six years since Reggie Brown, then a junior at Stanford University, hatched the idea that would become the popular vanishing photo app Snapchat.
But while his former friends and Stanford classmates Evan Spiegel and Bobby Murphy are preparing a Wall Street debut for the company now known as Snap Inc. — potentially Los Angeles’ biggest-ever initial public stock offering — little is known about Brown’s whereabouts.
Brown was ousted from the company months after its founding in 2011. Two years later, he filed a lawsuit against his former business partners, Spiegel and Murphy, alleging breach of contract.
Evan Spiegel, the face of Snap Inc., is a jet-setting, supermodel-dating, trend-making, once-in-a-generation technology chief executive.
Snapchat co-founder Bobby Murphy is an unknown entity publicly. He’s rarely seen or heard from outside the research and development teams he leads as chief technology officer. The few people willing to discuss him describe him as quiet, unpretentiousand stoic.
Chuck Eesley, who taught Murphy at Stanford’s engineering school in 2010, said the unique thing about the role of the understated technical leader is that technologists who successfully partner with a business or design leader are a rare breed.
Snapchat boasts 158 million daily active users. More than half of them are under the age of 25.
These young users are valuable to Snap because they’re valuable to advertisers. They also interact with the app the most: Users 24 and younger visit it more than 20 times a day and spend at least 30 minutes there, while those 25 and older log 12 visits lasting a total of 20 minutes, according to Snap.
If you’re not in this demographic and don’t understand how Snapchat works, don’t worry. We’ve got you covered. We talked to high school and college students involved in The Times’ High School Insider program to find out what gets them to open the app and what turns them off.
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.